Oxford Completes Sale of Ben Sherman Business for $63.7 Million

Oxford Industries, Inc. announced on July 20th that it has completed the sale of 100% of the equity interests of its Ben Sherman business, for a purchase price of £40.8 million or $63.7 million, to Ben Sherman UK Acquisition Limited and Ben Sherman US Acquisition, LLC, both of which are backed by Marquee Brands LLC. Thomas C. Chubb III, Oxford's Chairman and Chief Executive Officer, said, "We truly appreciate the efforts of our Ben Sherman associates. Their dedication and enthusiasm for this iconic brand was clearly communicated to potential buyers, and was a critical component of this successful sales process. It has been a pleasure working with Marquee Brands to quickly culminate this transaction, which we believe will benefit both companies. Looking forward, with the strength of our Tommy Bahama and Lilly Pulitzer brands, Oxford is well-positioned to continue to generate long-term value for our shareholders." In connection with the transaction, Oxford noted that it expects to receive net cash proceeds, after transaction fees and expenses, of approximately $58 million and also expects to incur a one-time, non-cash loss on sale of discontinued operations.

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