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HONG KONG, Oct. 25 /PRNewswire-FirstCall/ -- Tommy Hilfiger Corporation (NYSE: TOM) announced today that its subsidiary Tommy Hilfiger U.S.A., Inc. has entered into an agreement for the sale of its building at 25 West 39th Street in New York City.
Under the terms of the agreement, the sale price will be approximately $53 million and is expected to result in a pre-tax gain to the Company of approximately $20 million. Subject to satisfaction of customary closing conditions, the transaction is expected to close near the end of November 2005. The Company will have the right to occupy the building through June 30, 2006.
The sale is the next step in the Company's consolidation of its New York City operations into a single headquarters location in the historic Starrett-Lehigh Building. In August 2004, the Company announced that it would relocate its New York City based design, production, merchandising, marketing, corporate and administrative personnel into one venue at the Starrett-Lehigh Building in New York City and sell its building at 485 Fifth Avenue. The Company now plans to relocate...