JACLYN SAID NEAR DEAL FOR I. APPEL
NEW YORK — Jaclyn Inc., a manufacturer of accessories and private label innerwear is close to completing a deal to acquire certain assets of I. Appel, according to market sources.
The acquisition is expected to be announced this week.
Jaclyn, which is based here, posted annual wholesale volume of approximately $72 million in 2000. I. Appel, a maker of leisure dresses and dusters, also headquartered here, reportedly generates less than $5 million a year — a far cry from overall revenues of $90 million that it had in 1995.
Terms of the deal were not available, but sources say that Jaclyn is buying Appel’s Smart Time label. The Appel firm reportedly will be making dusters and leisure dresses for Jaclyn at a facility in Mexico.
Executives at neither Jaclyn nor Appel could be reached for comment.