M. Fabrikant & Sons has sold Clover Corp., which owns Robert Lee Morris Inc., Women’s Wear Daily reports.
The assets and certain liabilities of Clover have been sold to entities owned by Lester Friedlander, a former officer of Clover Corp. and Robert Lee Morris Inc., according to the publication. Terms of the sale were not disclosed. Friedlander will form Clover II Corp., which will serve as the business umbrella for Clover II and Robert Lee Morris.
The new Clover II will take over much of the former firm’s operations, including wholesaling jewelry to QVC, J.C. Penney, and Sam’s Club, WWD reports. Friedlander reportedly said the management group and staff at the two firms — Clover II and Robert Lee Morris — will stay the same, which includes Robert Lee Morris’ role as creative director. Friedlander will become president of Clover II.
The headquarters will continue to be based at 233 Spring Street in Manhattan, WWD reports.
Friedlander reportedly said as a result of the new restructuring, Clover is hoping to up its fashion business to help its retailers offer more niche product.
Clover Corp. has owned Robert Lee Morris Inc. since 1998.