Columbus
Limited Selling Lerner Brand
November 22, 2002

Limited Brands Incorporated announced Friday that it's selling its Lerner New York and New York and Company stores to an investor group led by the business unit's leader.

It's part of the company's seven-year effort to downsize to core brands such as Limited, Express and Victoria's Secret.

The Limited will get more than $150 million, with about half in cash, in the deal with Richard Crystal and Bear Stearns Merchant Banking. Crystal has been president and chief executive of the Lerner New York division for six years.

The Limited also will have the right to buy up to 15 percent of the new company's equity.

The company started phasing out the Lerner name two years ago, changing the name to New York and Company on 157 of more than 500 stores.

Associated Press and Dispatch Productions, Inc., 2002. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 

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