Tropical Sportswear Intl Corporation has sold its 110,000 sq. ft. cutting facility located at 4924 West Waters Avenue in Tampa, Florida. The net cash proceeds of approximately $4.7 million were used to repay borrowings under the Company’s revolving credit line. The building was purchased by the EPR INVESTMENTS, L.C., owner of Dean Guitars in Florida.
Additionally, TSI announced that it has signed a Settlement Agreement with Swiss Army Brands, Inc. regarding the transfer of the Victorinox (R) apparel license. Cash proceeds of $3.5 million were used to repay borrowings under the Company’s revolving credit line.