IN BRIEF : Offer for Londontown Rejected
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ST. LOUIS — Furniture-and-apparel maker Interco Inc. said today that its board of directors has rejected a $190-million cash offer for its Londontown Corp. subsidiary from Burlington Coat Factory Warehouse Inc.
Interco said in a statement that the proposal for the maker of London Fog rainwear “does not meet the board’s requirements of an assured, timely closing, and that uncertainties surrounding the Burlington proposal and the risks of any delay could harm the business of Londontown.”
The St. Louis-based company recently announced plans to sell some divisions as part of a restructuring plan that thwarted an unsolicited takeover by the Rales brothers, a pair of Washington investors.
The company has said it intends to retain its Converse Inc. and Florsheim Shoe Co. subsidiaries, Broyhill Furniture Industries Inc. and Lane Co. furniture companies.
The sale of Londontown would leave Interco with 10 apparel companies, five retail stores, four footwear companies and four furniture companies.
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