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By
Reuters
Published
Jun 22, 2011
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Carter's to buy Canadian children's clothing retailer

By
Reuters
Published
Jun 22, 2011

June 22 - Children's clothing company Carter's Inc said it would buy its chief Canadian licensee Bonnie Togs for about $62 million to expand in international markets.

Carter's Inc
Carter's

A further $36 million will be paid upon reaching certain earnings targets over a four-year period, Carter's said in a statement.

The deal is expected to add to Carter's adjusted earnings this year. Bonnie Togs' net sales for the twelve-month period ended May 2011 were about C$100 million ($102.9 million).

"We see significant potential for growth in Canada, with an opportunity to operate approximately 160 stores contributing total annual revenues of more than $200 million by 2016," Carter's CEO Michael Casey said.

Bonnie Togs operates 59 retail stores in Canada and sells products under the Carter's and OshKosh B'gosh brands.

Carter's shares closed at $30.90 on Tuesday on the New York Stock Exchange.

(Reporting by Viraj Nair in Bangalore; Editing by Saumyadeb Chakrabarty)

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