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HAGGAR OWNERS OUST TOP-LEVEL EXECS.(Infinity Associates)
Byline: Vicki M. Young, With contributions from Stanley Gellers
NEW YORK -- The top executives at the former Haggar Corp. were told to pack their bags by the company's new owners, buyout firms Perseus LLC and Infinity Associates.
Perseus and Infinity, along with Hong Kong-based footwear firm Symphony Holdings, in September acquired Haggar for $212 million. The deal closed on Tuesday. Dallas-based Haggar, which markets women's sportswear and men's casual and dress apparel, holds the exclusive licenses in the U.S. for Claiborne, Kenneth Cole New York and Kenneth Cole Reaction trademarks for men's pants.
J.M. Haggar III, chairman and chief executive officer; Frank Bracken, president, and Alan Burks, executive vice president and chief marketing officer, have left the company.
At the time of the initial announcement in September, Haggar said in a statement that the deal will help the firm improve its sourcing, strengthen its marketing power and grow in the global market. The reason for the change in management could not immediately be determined, and the executives could not be reached for comment.
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Source: HighBeam Research, HAGGAR OWNERS OUST TOP-LEVEL EXECS.(Infinity Associates)