Innovo Group Announces the Sale of Its Craft Accessory Business
Tuesday May 17, 4:15 pm ET
LOS ANGELES, CA--(MARKET WIRE)--May 17, 2005 -- Innovo Group Inc. (NasdaqSC:INNO - News) announced today that it has finalized the sale of its Innovo Inc. craft business to Loew-Cornell, Inc. As previously disclosed, the sale of the craft business is consistent with and furthers the Company's intention to focus its principal business activities on branded and private label denim and denim-related apparel products.
Marc Crossman, President and CFO of the Company, stated, "As we have previously stated when we announced our plan to dispose of our craft and accessory business segment, we were committed to continue to service our craft customers with the same dedication and at the same performance level as we have historically. Therefore, we are pleased that this transaction with Loew-Cornell, a company with long history and experience in the craft and accessory industry, has allowed us to sell to a buyer that is committed to growing the craft business."
About Loew-Cornell, Inc.
Loew-Cornell, Inc. is a marketer of artist brushes, tools and accessory products and is a subsidiary of Jarden Corporation (NYSE:JAH - News). Product offerings include over 2000 items to serve the artist, ceramist and hobbyist under well-known brand names including Loew-Cornell®, American Painter®, Arttec® and Contemporary Crafts®.
About Innovo Group Inc.
Innovo Group Inc., through its operating subsidiaries Innovo Azteca Apparel, Inc. and Joe's Jeans, Inc. is a sales and marketing organization designing and selling apparel products to the retail and premium markets. The Company's apparel products consist of women's high-end denim jeans and skirts, jackets and tops featuring the Joe's Jeans® and indie(TM) brand name, women's high-end denim and denim-related apparel featuring the Betsey Johnson® brand name and men's high-end denim jeans, jackets and tops featuring the Joe's Jeans® brand name. The Company also currently produces products under license agreements and other agreements for private label and branded apparel products. More information is available at the Company web site at www.innovogroup.com. |
