Tarrant & Buffalo announce mutual termination of purchase agreement
23 Apr '07
1 min read
Tarrant Apparel Group and The Buffalo Group announced that they have mutually agreed to terminate the purchase agreement entered into on December 7, 2006, pursuant to which Tarrant Apparel would have acquired certain assets and entities comprising The Buffalo Group.
In connection with the termination, Tarrant and Buffalo agreed to release each other from all claims arising under or related to the terminated purchase agreement, and Buffalo returned $4.75 million of the $5 million deposit Tarrant previously provided to Buffalo.
"Our mutual decision to terminate the agreement was not made lightly."
"While we are disappointed that we were unable to conclude the transaction, Tarrant and Buffalo believe that it is in the best interest of both parties to operate independently at this time,” said Gerard Guez, Chairman and Interim Chief Executive Officer of Tarrant Apparel Group. “We remain confident about our future prospects, as our core businesses are growing at a steady pace.”
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