Bankrupt Prince Sports To Be Acquired By Authentic Brands Group
fromDailySquashReport.com
May 11, 2012 - New Jersey sporting goods company Prince Sports will be acquired by Authentic Brands Group of New York, it has been reported.
Prince submitted a Chapter 11 bankruptcy filing last week.
Under the reorganization plan, Prince will be acquired by Authentic Brands, which bought the majority of Prince’s debt while the company was exploring the possibility of selling all or part of the company.
Prince was founded in 1970 by Robert McLure of Princeton, New Jersey, and has been headquartered in Bordentown.
The company was initially a manufacturer of tennis ball machines before it expanded into racquets.
Howard Head, founder of Head Ski Company, joined with Prince in the 1970s and helped develop the company's signature oversized racquet.
Prince has since been owned by a variety of different firms, including the Benneton Group of Italy, Chesebrough-Ponds and affiliates of Nautic Partners of Rhode Island.
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