S&P's Oxford Industries ratings unaffected

Standard & Poor's said its ratings on Oxford Industries Inc. (BB-/stable) are not affected by the company's plan to sell its private-label women's sportswear business to Li & Fung Ltd. Oxford Womenswear Group accounted for about 19.6% of Oxford Industries' annual sales, but was a lower-margin, working-capital-intensive operation, the agency said.

While Oxford Industries will use proceeds from this sale to reduce debt over the near term, the agency said it expects that the company will continue to use debt to partially fund future acquisitions and that the company will maintain credit protection measures commensurate with the rating category.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.