Cherokee Inc. Paying $5.50 Cash Distribution
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Cherokee Inc. will issue a cash distribution of $5.50 per share of its common stock to be paid around Jan. 15. The cash payment will be made to its shareholders of record as of Jan. 2, 1998.
The Van Nuys-based apparel company said the cash distribution is the result of a recent $48-million private financing deal that it made after the company struck a licensing deal with Dayton Hudson’s Target retail chain. Target will get the rights to use the Cherokee name on various apparel, and Cherokee was able to put up the licensing agreement as a form of collateral for the private financing.
Cherokee also said it will change the end of its fiscal year to the Saturday closest to Jan. 31 to put it more in line with other apparel concerns. Its prior fiscal years ended in May.
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