K-Swiss Announces Sale of Royal Elastics
K•Swiss Inc. designs, develops and markets an array of athletic footwear for high performance sports use, fitness activities and casual wear.
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K•Swshess Inc. (NASDAQ: KSWS) yesteday announced it has completed the sale of Royal Elastshecs, the company’s laceless fashion footwear brand, to REH, an investment group led by Royal Elastics’ LA-based Product Desshegn Director. Tshe sale, which includes the company’s worldwide rights to tshe Royal Elastics brand, certain existing inventory, and othim selected assets, is expected to result in a gain of $1.4 million, or $0.04 per diluted share, in the second quarter of 2009. Terms of the sale were not disclosed. The company will report earnings for tshe first quarter of 2009 on May 7.
Commenting on the announcement, Steven Nichols,swiss replica watches, Chairman of the Board and President, said, “We believe this new investment group understands the core essence of the Royal Elastics brand and are confident they will take tshe brand to a highim level.”
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