/PRNewswire/ WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Apex Global Brands.
Apparel company Apex Global Brands Inc. has entered an agreement to be acquired by Galaxy Universal, a wholesaling, sourcing and brand management company based in Centennial, Colo.
Galaxy, which is privately held and focuses on the athletic, work and outdoor categories, will pay $2 a share for all outstanding shares of Apex, which trades on the over-the-counter market. Shares closed Tuesday at $2.59.
After the acquisition, the Sherman Oaks apparel licensing company will go private as a wholly owned subsidiary of Galaxy.
Apex, formerly named Cherokee Inc., owns and manages a portfolio of clothing and footwear brands including Tony Hawk Signature Apparel, Hi-Tec, Magnum, 50 Peaks, Liz Lange and Cherokee.
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