Apparel maker Innovo Group Inc has informed it is in the final stages of the disposition of its former headquarters located in Springfield, Tennessee. The company has closed on two of three sales of the three separate parcels comprising the property, and plans to close the final contract on February 15, 2006.
Marc Crossman, Interim Chief Executive Officer said, "We are extremely pleased to be able to dispose of this property and its parcels successfully. Upon closing on the remaining parcel, we expect to pay off our mortgage on the property and receive additional cash proceeds of approx. $300,000. While this asset is a discontinued operation, we firmly believe that this effort complements our previously announced goals to restructure and improve our operations, and we plan to inform our shareholders of each initiative achieved as we move forward."
Innovo Group Inc, through its operating subsidiaries Innovo Azteca Apparel Inc and Joe's Jeans, is a sales and marketing organization designing and selling apparel products to the retail and premium markets. It currently produces products under license agreements and other agreements for private label and branded products.
The company's apparel products consist of men's and women's denim and denim-related apparel products, including, women's high-end denim jeans and knit shirts featuring the Joe's Jeans® brand.
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