Tropical Sportswear's sale to Perry Ellis approved by court

New York, Feb. 10 - Tropical Sportswear International's sale of its U.S. assets and the capital stock of its U.K. subsidiary to Perry Ellis International, Inc. for $88.5 million in cash was approved by the U.S. Bankruptcy Court for the Middle District of Florida.

The price is the same as Perry Ellis' stalking horse bid.

Closing on the sale is expected by Feb. 26.

Tropical Sportswear, a Tampa, Fla.-based apparel designer and marketer, filed for bankruptcy on Dec. 16. Its Chapter 11 case number is 04-24134.

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