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NexCen Brands acquires Bill Blass Couture
July 13, 2008
NEW YORK — NexCen Brands Inc. has announced that through its wholly-owned subsidiary, NexCen Fixed Asset Company LLC, it has completed a purchase agreement with Michael Groveman and Carly Andrews Inc. to acquire Bill Blass Ltd. LLC, owner and operater of the Bill Blass couture business.
In addition to several retail brands, NexCen owns and operates five quick-service concepts, Marble Slab Creamery, MaggieMoo's, Pretzel Time, Pretzelmaker and Great American Cookies.
"As we continue to explore strategic alternatives, including the sale of our Bill Blass brand, we believe that owning Bill Blass Couture will maximize the potential sale value of the overall business," said Robert W. D'Loren, CEO of NexCen Brands.
The purchase price paid at closing was comprised of nominal consideration and the company's assumption of approximately $425,000 in net liabilities, excluding amounts owed by Bill Blass Couture to the company. NexCen has been providing financial assistance to the Bill Blass Couture business since the beginning of 2008.
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