- The Hi-Tec business to be converted to a branded licensing model, consistent with CGB's strategy.
- CGB has secured license agreements for core footwear categories that will strengthen and expand our presence in the United Kingdom, Continental Europe, The United States, Canada and South Africa.
- Maintaining distribution agreements for core brands throughout the world including South and Central America and Asia.
- Expects to add approximately $19 million of licensing revenue and $7 million in Adjusted EBITDA during first full fiscal year post-closing.
- Adds significant, experienced growth-oriented wholesale operating partner licensees.
- Dramatically expands global retail base to over 110 countries.
- Offers attractive cross-selling opportunities between CGB and Hi-Tec brand portfolios, including rapid expansion into apparel accessories and outdoor products.
SHERMAN OAKS, Calif., Nov. 28, 2016 (GLOBE NEWSWIRE) -- Cherokee Global Brands (NASDAQ:CHKE) ("Cherokee Global Brands", "CGB" or "the Company"), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, today announced that it intends to enter into a share purchase agreement to acquire Hi-Tec Sports International Holdings B.V. ("Hi-Tec"), a global footwear company. Transaction Highlights: