From: ASAP
Gadzooks, Inc. (Nasdaq: GADZ) announced that it has extended its exclusive license agreement for use of the Candie's brand on apparel, swimwear and innerwear and has entered into an exclusive license agreement for use of the Bongo trademark on swimwear.
Under the terms of the extended agreement Gadzooks will continue to exclusively offer categories of apparel, swimwear and innerwear under the CANDIE'S label in all Gadzooks specialty retail stores. Under the terms of the exclusive agreement for Bongo swimwear, Gadzooks, Inc. will exclusively offer categories of swimwear under the BONGO label in all Gadzooks stores. Candie's Inc. retains rights to sell the exclusive Candie's and Bongo products licensed to Gadzooks in its own retail stores as well, if they so desire.
Commenting on behalf of Gadzooks, president and chief merchandising officer Paula Masters stated, "We are pleased to announce the extension of the Candie's license agreement, as well as the new swimwear agreement for Bongo. I believe the introduction of exclusive Bongo product to our swimwear assortment will allow us to further differentiate ourselves from the competition."
Neil Cole, chairman and chief executive officer of Candie's, Inc., commenting on the announcement stated, "We are very excited about the increasing strength of the Candie's and Bongo brands in the junior marketplace and believe that our partnership with Gadzooks is an important part of our growth plans."
Dallas-based Gadzooks is a high-energy specialty retailer of casual clothing and accessories for teenagers offering young men's apparel, junior apparel, accessories and footwear for today's teens principally between the ages of 14 and 18. Established in 1983, Gadzooks currently operates 436 Gadzooks stores and four Orchid stores, for a total of 440 stores in 41 states. Gadzooks owns and operates www.gadzooks.com , a website for teens to visit on the web.
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