Charles Parsons, an Australian textiles company, has purchased clothing brand 'Line 7', which is a sports and casual clothing brand associated with high profile sailing events and the Olympics.
The brand had been put into receivership in the month of May on account of growing costs and fall in Kiwi dollar. Following the announcement, the receivers, Kordamentha closed about a dozen Line 7 retail stores and also cleared its stock.
Charles Parsons, which has staff of more than 700 employees manufactures fashion textiles for countries, which include New Zealand, Australian and US markets and also wholesales industrial and home textiles.
Fibre2fashion News Desk - India
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