US-based Cygne Designs recently entered into an agreement to sell its knit business in Jordan, the Jordan Knit Disposition to the House and Garden Company, Century Knits (CK) and the Century Investment Group (CIG). The purchase price is $400,000 plus the book value of the assets being sold.
The Jordan Knit disposition consists of substantially all of the assets of Prosperity Textiles, the company's wholly owned subsidiary in Jordan. CK will assume substantially all of the customer and vendor purchase orders. In addition, the Company has agreed not to compete with CK for knit business in Jordan for five years in consideration of $350,000. Prosperity will retain all cash, accounts receivables and accounts payable.
Cygne Designs Incorporated is a private label manufacturer of women's career and casual apparel. The company recorded $7.1 million in international net sales during the first quarter of 2002, of which $1.89 million were earned from Middle Eastern markets. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
