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Court Rejects Tarrant Bid for BUM

September 05, 1997|Bloomberg News

Tarrant Apparel Group said its bid to acquire the assets of BUM International Inc., which is in Chapter 11 bankruptcy protection, was rejected by a Bankruptcy Court judge. After declining the bid, U.S. Bankruptcy Court for the Central District of California approved a reorganization plan by BUM's unsecured creditors' committee, which opposed the purchase. Tarrant said it won't make a new bid for the company. Los Angeles-based Tarrant, which makes private-label women's casual clothing, agreed in August to buy BUM for $23.8 million in cash as part of its plan to expand its name-brand clothing business. BUM filed for Chapter 11 bankruptcy in April 1996 after expansion plans to build a retail business failed to take off. BUM, based in Los Angeles, now licenses its brand. Tarrant shares fell 44 cents to close at $14.13 on Nasdaq.

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