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Delias sells Alloy business for $3.7M plus debt

NEW YORK (AP) -- Teen apparel retailer Delias Inc. has sold its Alloy business to an investor group for $3.7 million in cash and the assumption of $3.1 million in liabilities.

Under the terms of the deal, Delias also agreed to provide transition services to the investor group, which will operate the brand under a new company called Alloy Apparel and Accessories.

Brian Lattman, one of the investors who led the Alloy acquisition, will be president of the new company. He most recently worked as chief merchandising officer at LANY LLC.

Shares in Delias ended regular trading down 2 cents, or 2.7 percent, to 91 cents. The stock has declined 23 percent this year.