PICKERINGTON, Ohio,
April 2, 2013 /PRNewswire/
-- Accessory products marketer R.G. Barry Corporation
(Nasdaq: DFZ) announced today it has integrated the operations
of its former China-based sourcing
agent into its baggallini business unit.
The integration brings the extensive expertise of the
privately-owned sourcing entity in all phases of handbag
development, sourcing and supply to RG Barry's internal
handbag-business platform.
As part of the transaction, RG Barry also acquired the principal
working assets of the Hong
Kong-based Mosey Co., Ltd., and the Mosey consumer fashion
handbag brand.
"From a purely strategic standpoint, this is an exciting
addition to our growing handbag coalition and to our future," said
R.G. Barry Corporation President and Chief Executive Officer
Greg Tunney. "It institutionalizes
within our business a wealth of expertise in sourcing a product
category that we expect to grow to the size of our accessory
footwear business within the next 3-to-5 years."
"This action adds significant core strength, experience and
knowledge to our current China-based sourcing team, while reducing
duplication and costs within our handbag sourcing model," he
said.
"Functions in both China and
Portland that fall under this
transaction will be consolidated within our existing baggallini
operations," added R.G. Barry Corporation Senior Vice President
Finance and Chief Financial Officer Jose
Ibarra. "As with our past acquisitions, RG Barry will
benefit from backroom synergies. We expect all functions to be
fully integrated by our fiscal year-end."
The transaction was completed for $1.2
million cash.
About RG Barry
RG Barry develops great accessories
brands that provide fashionable, solution-oriented products that
touch consumers. Our primary brands include: Dearfoams slippers
dearfoams.com; baggallini handbags, totes and travel accessories
baggallini.com; and Foot Petals premium insoles and comfort
products footpetals.com. To learn more, visit us at
rgbarry.com.
Forward-Looking Statements
Some of the disclosures in
this news release contain forward-looking statements that involve
substantial risks and uncertainties. You can identify these
statements by forward-looking words such as "may," "expect,"
"could," "should," "anticipate," "believe," "estimate," or words
with similar meanings. Any statements that refer to
projections of our future performance, anticipated trends in our
business and other characterizations of future events or
circumstances are forward-looking statements. These
statements, which are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995,
are based upon our current plans and strategies and reflect our
current assessment of the risks and uncertainties related to our
business. These risks include, but are not limited to: our
continuing ability to source products from third parties located
within and outside North America;
competitive cost pressures; the loss of retailer customers to
competitors, consolidations, bankruptcies or liquidations; shifts
in consumer preferences; the impact of the global financial crisis
and general economic conditions on consumer spending; the impact of
the highly seasonal nature of our footwear business upon our
operations; inaccurate forecasting of consumer demand; difficulties
liquidating excess inventory; disruption of our supply chain or
distribution networks; our ability to implement new enterprise
resource information systems; a failure in or a breach of our
operational or security systems or infrastructure, or those of our
third-party suppliers and other service providers, including as a
result of cyber-attacks; the unexpected loss of any of the skills
and experience provided by our senior officers; our ability to
successfully integrate any new business acquisitions; and our
investment of excess cash in certificates of deposit and other
variable rate demand note securities. You should read this
news release carefully because the forward-looking statements
contained in it (1) discuss our future expectations; (2) contain
projections of our future results of operations or of our future
financial condition; or (3) state other "forward-looking"
information. The risk factors described in "Item 1A. Risk
Factors" of Part I of our Annual Report on Form 10-K for the fiscal
year ended June 30, 2012 (the "2012
Form 10-K") and our other filings with the Securities and Exchange
Commission (the "SEC"), give examples of the types of uncertainties
that may cause actual performance to differ materially from the
expectations we describe in our forward-looking statements.
If the events described in "Item 1A. Risk Factors" of Part I of our
2012 Form 10-K occur, they could have a material adverse effect on
our business, operating results and financial condition. You
should also know that it is impossible to predict or identify all
risks and uncertainties related to our business.
Consequently, no one should consider any such list to be a complete
set of all potential risks and uncertainties. Forward-looking
statements speak only as of the date on which they are made, and we
undertake no obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date on which
the statement is made to reflect unanticipated events, except as
required by applicable law. Any further disclosures in our
filings with the SEC should also be considered.
SOURCE R.G. Barry Corporation