WARRENDALE, Pa., Oct. 5 /PRNewswire/ --
American Eagle Outfitters, Inc. (Nasdaq: AEOS) today announced the signing of
a definitive agreement with Dylex Limited to purchase its Thriftys, Braemar
and National Logistics Services divisions. The signing of a letter of intent
for this transaction was announced on August 24, 2000. The purchase price
remains Cdn. $110 million (U.S. $73.5 million) cash, subject to adjustment.
The closing of the transaction is subject to approval by Dylex Limited
shareholders and other customary conditions. The Dylex shareholders' meeting
is scheduled for November 16, 2000 and American Eagle Outfitters expects the
transaction to close shortly thereafter.
Thriftys is one of the largest Canadian specialty retailers of casual
apparel targeted at young teens and sold under its exclusive private-label,
Bluenotes(R). Thriftys operates 115 stores in major Canadian shopping malls,
and had fiscal 1999 sales of Cdn. $147 million. Braemar operates 57 women's
ready-to-wear clothing stores. National Logistics Services is a warehouse and
distribution operation.
Dylex Limited is one of Canada's leading specialty retailers, offering
mainstream fashions and family merchandise under its well-known operating
divisions: BiWay, Braemar, Fairweather, Labels and Thriftys.
American Eagle Outfitters, Inc. is a specialty retailer of all-American,
casual apparel, accessories, and footwear for men and women between the ages
of 16 and 34. The Company designs, markets, and sells its own brand of
versatile, relaxed, and timeless classics like American Eagle jeans, cargos,
and T-shirts, providing high quality merchandise at affordable prices. The
Company currently operates 535 stores in 46 states and the District of
Columbia.
To access American Eagle Outfitters' commentary regarding the Dylex
transaction recorded on August 24, 2000, please call 724-779-6601.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward-looking statements, which represent our
expectations or beliefs concerning future events, specifically regarding the
proposed transaction. All forward-looking statements involve material risks
and uncertainties and are subject to change based on factors beyond the
parties' control. Such factors include, but are not limited to those risks
described in American Eagle's filings with the Securities and Exchange
Commission and the risk that the transaction may not be completed. American
Eagle does not undertake to publicly update or revise its forward-looking
statements even if experience or future changes make it clear that any
projected results expressed or implied therein will not be realized.
SOURCE American Eagle Outfitters, Inc.
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Related links:
http://www.ae-outfitters.com
Company News On-Call:
http://www.prnewswire.com/comp/104763.html or fax,
800-758-5804, ext. 104763
CONTACT:
George Kolber or Laura Weil of American Eagle
Outfitters, 724-776-4857
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