DYLEX TO SELL HARRY ROSEN SHARES
By Adnews Staff
Dylex Ltd. of Toronto has agreed to sell its 51% share of Toronto-based Harry Rosen Inc. to Evehar Investments Ltd., a company controlled by Harry Rosen. Dylex will be paid $13.7 million over two years for its shares. As part of the sales agreement, the company will continue to provide management services to Harry Rosen Inc. for two years following the deal's close. Dylex is a specialty retailer, selling under names such as BiWay, Braemar, Club Monaco, Fairweather, Thriftys and Tip Top Tailors. Harry Rosen is a men's fashion chain with 22 stores across Canada. Roche Macaulay & Partners Advertising Inc. of Toronto got Harry Rosen's $1 million-plus account in May without a review after 35-year incumbent Reid Bell and Associates of Toronto closed. The retailer's current campaign, running in print across the country, features celebrities and what they will be wearing on a certain date, or what they will be giving loved ones for Christmas