American CinemaStores, Inc. Completes Acquisition of
Susan Burrowes, Ltd.
Business Wire - June 16, 1997 08:47
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--June 16, 1997--American
CinemaStores, Inc.(NASDAQ:ACSI), announced today that it has
completed and consummated the acquisition of 100% of the outstanding
shares of the privately held woman's apparel company, Susan Burrowes
Ltd. The acquisition took place on June 12, 1997 for cash and stock.
Exact details of the consideration for the acquisition were not yet
disclosed but will be filed with the Form 8-K and pro forma financial
statements later this week. Funding for this acquisition was provided
by First Fidelity Capital as part of their agreement with ACSI. Susan
Burrowes is a well known manufacturer of women's apparel located in
Commerce, Calif.,and has been in business more than nineteen years.
They have a 62,000 square foot manufacturing facility in Commerce as
well as a showroom in New York City. For their fiscal year ended
February 28, 1997, they reported net revenues in excess of $15,000,000.
Susan Burrowes manufactures clothing for the moderately priced Missy
and Woman's Apparel lines.Their labels include Just Clothes, Susan
Burrowes, and Laura Keifer with significant customers being
J.C. Penney's, Sears, and Macy's. |
