Fila Korea Ltd. and Sport Brands International Ltd. (SBI)
announced today that they have entered into a definitive agreement for
the sale of the global Fila footwear and apparel business to Fila
Korea for an undisclosed purchase price.
The sale is structured as a sale of SBI's subsidiary, Fila
Luxembourg, which holds the rights to the worldwide use of the brands
and trademarks of "FILA". SBI will retain Cloudveil Mountain Works,
Inc. and Motionwear, Inc. following the sale.
Mr. Yoon-Soo (Gene) Yoon, the Chairman of Fila Korea who, in 2005,
completed a successful management buyout of Fila Korea stated "We are
very excited to acquire the world-wide Fila business. Fila is widely
recognized as one of the premier global sports brands and we believe
it has tremendous untapped potential. We look forward to working
closely with Fila's talented management team and regard the existing
employees as a valuable asset of the business."