Ashley NA to buy US Antiqua Enterprices

Ashley NA LLC has bought a controlling stake in US casualwear and sportwear company Antiqua Enterprises for USD 10.2m (GBP 6.5m). Ashley NA, which is owned by British sporting goods chain Sports Soccer, said it will buy 27.2 million common and 5.2 preferred shares. The deal is still to be approved by Antiquea's shareholders.

"This agreement ends a long process of trying to find the right transaction for Antigua to resolve its balance sheet issues and return its focus to increasing profits," Antigua's CEO Benjamin Adams said. The company will use the proceeds from the sale to repay its outstanding debt.

Antigua will obtain licences for sportswear brand Donnay for the US, Canada and Puerto Rico if the takeover is successful. As part of the agreement, the Antigua brand will also be sold in Sports Soccer stores in the UK. Antigua has some 200 employees and produces in 13 countries worldwide.