Authentic Brands Group completes purchase of Frederick’s of Hollywood

New York — Authentic Brands Group LLC (ABG) , whose brands include Jones New York and Juicy Couture, has closed on its purchase of Frederick's of Hollywood Group for an undisclosed sum. Previous reports indicated the acquisition agreement, announced in April 2015, was for $22.5 million.

ABG's strategic focus for Frederick's ofHollywoodwill be to launch a new brand vision, expand product categories and drive distribution across department stores and specialty retailers in key markets includingNorth America,Europe,Asia,South Americaand Latin America.

In 2014, Frederick’s was taken private by a unit of New York-based Harbinger Group Inc., which wrote off $60.2 million in goodwill impairment related to Frederick’s in a February regulatory filing. Frederick's filed Chapter 11 in April after earlier closing all of its 94 remaining stores.

"Frederick's ofHollywoodsupports our strategic focus of diversifying the portfolio and strengthens ABG's position in the intimates apparel category," saidJamie Salter, chairman and CEO, ABG. "Born during the 1940's pinup era, Frederick's is a legendary women's brand that we are excited to welcome to the ABG brand family.