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VALLEY NEWS: Alvin Valley, whose namesake label has been dormant for the past two years, is set for a return. According to sources, the designer is close to finalizing a deal to buy back his brand from The Moret Group, which acquired a 50 percent stake in Valley’s company in 2006. Valley is said to have assembled a group of investors, including Matthew Mellon and several other industry types, to help him buy back the name. Valley couldn’t be reached for comment on Wednesday.