Jaclyn, Inc. Announces Termination of Purchase and Sale Agreement for Former Office and Warehouse Facility
12 Diciembre 2007 - 3:00PM
Marketwired
WEST NEW YORK, NJ today announced the termination of a purchase
and sale agreement it previously entered into relating to the
Company's former executive offices and warehouse facility, as well
as two adjacent lots, located in West New York, New Jersey.
In June 2007, the Company announced it had entered into a
purchase and sale agreement to sell its former executive offices
and warehouse facility, as well as two adjacent lots, located in
West New York, New Jersey. The closing under the purchase and sale
agreement was contingent on the proposed purchaser's receipt of
governmental approvals required for the construction of
residential, multi-family housing consisting of 150 residential
units, as well as a number of other contingencies and conditions.
On December 12, 2007, the Company received a notice indicating that
the proposed purchaser would not obtain all governmental approvals
by the December 15, 2007 deadline required under the purchase and
sale agreement and, accordingly, was exercising the proposed
purchaser's right to terminate the purchase and sale agreement.
In light of the termination of the purchase and sale agreement,
the Company now intends to evaluate all of its alternatives with
regard to its West New York headquarters, including the general
marketing of the property.
Note: This press release may contain forward-looking statements
that are being made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The Company's
actual performance and results may vary as a result of a number of
risks, uncertainties and other factors, both foreseen and
unforeseen, including general economic and business conditions,
competition in the accessories and apparel markets, continuing
favorable sales patterns, pricing and consumer buying trends.
Jaclyn, Inc. is a designer, manufacturer and marketer of
apparel, women's sleepwear, infant's and children's apparel,
handbags, premiums and related accessories. Our web site is at
www.jaclyninc.com.
Company Contact: Anthony Christon Chief Financial Officer
Jaclyn, Inc. (201) 909-6000
Jaclyn (AMEX:JLN)
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