American Eagle Outfitters Inc. (Warrendale, Pa.) announced it has entered into a definitive agreement to sell its Bluenotes retail apparel business to a private company controlled by Michael Gold, owner of Canadian retailer YM Inc. (Toronto). The transaction, which involves 109 Bluenotes/Thriftys stores in Canada, is scheduled to close December 5.
“Michael Gold has extensive retail experience in Canada, which we are confident will lead to future success,” said American Eagle ceo Jim O'Donnell. “With the sale of Bluenotes, we can now devote our attention to expanding the AE brand in the U.S., Canada and worldwide.”
American Eagle Outfitters is a specialty retailer selling casual clothing to 15-to-25 year olds. It operates 848 AE stores in the U.S., Canada and Puerto Rico.