Kellwood to Acquire Kasper A.S.L.
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Kellwood Co., the maker of Sag Harbor clothing, agreed to buy Kasper A.S.L. Ltd. for $163.6 million to gain the Anne Klein brand and expand its women’s business in department stores. Kasper filed for Chapter 11 bankruptcy protection in February 2002.
The purchase consists of $111 million in cash, $40 million in Kellwood stock and assumption of $12.6 million in prepaid royalties, Secaucus, N.J.-based Kasper said. St. Louis-based Kellwood also will assume certain other liabilities. The agreement requires Bankruptcy Court approval.
Shares of Kellwood rose $1.29, or 4.3%, to $31.07 on the New York Stock Exchange. Kasper shares dropped $1.45 to $1.40 in over-the-counter trading.
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