USA: Goody's Buys Duck Head For $4m
Leading apparel chain Goody's Family Clothing Inc on Monday announced it had acquired the Duck Head trademarks and four related licenses from Tropical Sportswear Int'l Corp (TSI) for $4 million in cash.
The Tennessee-based operator of 330 stores will assume all licenses associated with the Duck Head trademark effective immediately and allow TSI to continue to sell existing Duck Head inventory for a period of time.
The company's existing line-up of private brands includes Ivy Crew, Old College Inn and RMG Chairman's Collection for men; Mountain Lake and GoodClothes for women, and Baby Crew, GoodKidz, and OCI for children.
"With its history of classic styling, understandable fashion and heritage of quality, we believe that the Duck Head brand has a universal appeal that makes it a great fit into our stable of established private brands," said Max Jones, Goody's EVP of merchandising.
"We plan to maximise Duck Head's potential across our product divisions, including men's, women's and children's."
TSI president and CEO, Christopher Munday, added: "In addition to being a good decision financially, the sale of the Duck Head brand and exiting the retail outlet store business will free up valuable resources and allow us to focus on our core business."
He added some of the sale proceeds will used for the accelerated closure of its Duck Head retail stores with all outlets now expected to be closed by this November.
The Duck Head brand was conceived by brothers George and Joe O'Bryan early last century after their innovative trouser design, cut and sewn from the closely woven tent material became known as "Duck".
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