XML 35 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
6 Months Ended
Jul. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

Note 9 – Subsequent Events

On August 7, 2012, the Company and its indirect wholly-owned subsidiary, VBQ Acquisition B.V., (the “Purchaser”), entered into a purchase agreement, pursuant to which the Purchaser acquired all of the outstanding shares of Vilebrequin International SA, a Swiss corporation, for a total purchase price of €85.5 million (approximately $106.2 million), subject to certain post-closing adjustments, of which €70.5 million (approximately $87.6 million) was paid in cash and €15 million (approximately $18.6 million) was paid by delivery of unsecured promissory notes under which the Purchaser and the Company are obligors, due December 31, 2017, with interest payable at the rate of 5% per year. In addition to the purchase price, the purchase agreement provides for up to an additional €22.5 million (approximately $27.9 million) of contingent future payments based upon achieving certain performance objectives related to growth of the Vilebrequin business over the three years ending December 31, 2015. The funds for the cash portion of the purchase price were provided under the Company’s new credit agreement that was entered into on August 6, 2012.

Vilebrequin International SA is a leading global provider of luxury swimwear, accessories and resort wear. A substantial majority of Vilebrequin’s current revenues are derived from sales in Europe and the United States. The Company considers the Vilebrequin brand to be capable of significant worldwide expansion.