CLUB MONACO PREPARING TO EXPAND
By Adnews Staff
Toronto-based clothing retailer Club Monaco Inc. announced earlier this week that the company will make an initial public offering valued at $60 million. Included in that total will be all of Dylex Ltd.'s controlling shares in Club Monaco, worth $34 million. Club Monaco says $14 million of the money raised will go towards paying down debt, while the remainder will be spent on expanding the company's operations. Club Monaco operates 138 stores in North America, Japan, South Korea and Thailand. Fifty-five are owned by the company while the remainder are franchises. Sol Nayman, Club Monaco's executive vice-president, told Adnews Dylex let Club Monaco run its operations independently, so the selling of Dylex's controlling interest shouldn't affect how Club Monaco does business. Club Monaco handles its creative in-house while Harrison, Young, Pesonen & Newell Inc. of Toronto does media buying. Toronto-based Dylex operates 648 stores under such names as BiWay, Fairweather, Braemar, Tip Top Tailors and Thriftys. Late last year the company sold its interest in Toronto-based Harry Rosen Inc.