Tribeca Holdings To Acquire Allied’s Plymouth Shops
NEW YORK (AP) _ Allied Stores Corp. said Wednesday it has sold its Plymouth Shops women’s clothing chain to Tribeca Holdings Inc. for an undisclosed price.
The 51-store Plymouth chain, which operates in the New York area and Washington, D.C., is the latest Allied division to be sold since the company was acquired by Toronto developer Campeau Corp. in December.
Plymouth had annual sales in 1986 of more than $61 million. The division specializes in business and casual wear for women.
Tribeca Chairman Gary Pagar said the New York company plans to expand Plymouth into other markets.
″Plymouth has shown a steady pattern of growth which should continue increasing as the market for apparel for working women continues to grow,″ Pagar said in a statement.
The statement added that Plymouth’s current management was expected to remain intact.
Tribeca recently acquried M.H. Lamston, a New York variety store chain.
Following the $3.4 billion takeover of Allied, the company announced it planned to sell 16 of its 24 store divisions over the next two years to meet a $1.1 billion bank obligation stemming from the acquisition.
Among the divisions sold so far were Allied’s Joske’s department stores and Cain-Sloan stores for $255 million to Dillard Department Stores Inc. and Bonwit Teller stores to Hooker Corp. Ltd. for $101 million.