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The closing of the $42.3 million deal for the better brand is scheduled for April 7, said Stuart Jamieson, managing director of Radius Partners LLC and one of the investors.
Liz Claiborne Inc. reached an agreement last month to sell Ellen Tracy, which it bought for a reported $180 million in 2002 from company founder Herbert Gallen and his wife, Linda Allard, to a consortium of buyers: Radius, Windsong Brands LLC, Barry Sternlicht and Marvin Traub.
Both sides quashed speculation that the closing might be in jeopardy because of shareholder discontent with the price of the label, which generates about $100 million in volume. Claiborne shareholders do not have a vote in the sale, which the company’s board has approved.
Windsong chief executive officer William Sweedler said the new owners have moved ahead with the business, including the completion of plans for senior leadership and a new designer to replace George Sharp, who resigned in January to join St. John as executive vice president of design. The remaining staff is expected to be retained.