Sports and boxing apparel and equipment firm Everlast Worldwide Inc on Wednesday announced it had reached an agreement to purchase its redeemable preferred stock for $35 million.

The New York-based company said in news release that it would buy $40m of its Series A Redeemable Participating Preferred Stock at a $5m discount. It added it had also negotiated a waiver of a $1.75m pre-payment penalty.