Delia's Enters Retail Market
The stores were acquired from privately held American Retail Enterprises L.P. for $10 million in cash and $13.1 million in Delia's common stock. The transaction was completed July 24.
The purchase includes 11 Screeem! Stores and 15 Jean Country stores, most of which will be converted to the Screeem! name in the next 12 months. The stores are located in shopping malls in New York, New Jersey, Connecticut and Massachusetts.
Delia's said it also has launched a Screeem! Web site and will use these stores to help launch a Delia's presence in the malls.
"Screeem! has robust expansion potential and puts us directly in contact with both young men as well as juniors customers in the malls," said Stephen Kahn, president and CEO of Delia's "We look forward to leveraging Screeem!'s operational infrastructure and real-estate relationships to help jump-start Delia's mall-based premium retail efforts."