Aca Joe Gets Lifeline From Hong Kong Firm
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A Hong Kong investment firm has come to the rescue of Aca Joe, a chain of casual men’s clothing stores that filed for bankruptcy protection last week.
The San Francisco-based retailer said Wednesday that United Trend Investment Ltd. had agreed to supply up to $14 million in return for a controlling share of Aca Joe stock.
Aca Joe said United Trend Investment Ltd. is part of an international group that designs, manufactures, wholesales and retails apparel in North America, Europe and the Far East.
Under the agreement, United would provide Aca Joe with $3.6 million within 90 days and approximately $4 million in clothing on consignment.
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