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All the companies are based in the US. Chambers Belt Company is a manufacture and distributor of men's and women's belts and accessories.
As part of the consideration, Tandy will pay $500,000 plus acquired inventory costs and a percentage of the revenue generated by the business in the 12 months following the closing.
The transaction is expected to close in the third quarter of 2009.
Deal Type Acquisition Sub-Category Asset Purchase Deal Status Announced: 2009-04-23
Deal Participants
Target (Company) Chambers Belt Company - Assets Acquirer (Company) Tandy Brands Accessories, Inc. Vendor (Company) Phoenix Footwear Group, Inc.
Deal Rationale
The transaction would enable Phoenix to pay off its bank debt.
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