S&P: Kellwood unchanged

Standard & Poor's said its rating and outlook on Kellwood Co. (BB/negative) would not immediately be affected by the company's announced adjustment to its full-year earnings guidance.

The agency said that the adjustment incorporates the previously announced termination of the IZOD license from Phillips Van Heusen Corp. and today's announcement regarding the sale of Kellwood's New Campaign division, which produces belts and small leather goods for Polo Ralph Lauren Corp.

The company will receive about $9 million in net proceeds from the sale of this division, the agency said, adding that the IZOD and New Campaign businesses represented about $80 million in annual revenues and about $5 million in operating earnings.

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