Crystal Clear for Lerner

Limited Brands (Columbus, Ohio) announced the completion of its previously announced sale of Lerner New York/New York & Co. to an investor team led by Richard Crystal and Bear Stearns Merchant Banking. Crystal remains in his position as president and ceo of Lerner New York/New York & Co.

Under the terms of the agreement, Limited Brands received $78.5 million in cash, a $75 million subordinated note and warrants for approximately 15 percent of the common equity of the new company.

Limited Brands acquired Lerner New York/New York & Co. in 1985. In 2001, Lerner's 522 stores achieved $940 million in sales.

Limited Brands, through Victoria's Secret, Bath & Body Works, Express, Express Men's, Limited Stores, White Barn Candle Co. and Henri Bendel, operates 4082 specialty stores.