J. Schoeneman Inc., the local clothing manufacturer best known for its private labels carried by Saks Fifth Avenue and Neiman Marcus, has been sold to its managers and a foreign investment group.
Plaid Holdings Corp. and senior managers of Schoeneman announced yesterday Bidermann Industries Corp. had agreed to sell its subsidiary.
Schoeneman was was part of Bidermann's acquisition last year of Cluett, Peabody & Co. The New York-based Bidermann is also a manufacturer of men's and women's designer clothing.
In addition to its own private labels, Schoeneman produces such lines as Burberry's tailored clothing for men and women, Bill Robinson and Halston for Men labels. The purchase price was not disclosed.
Founded in 1889 in Baltimore, Schoeneman has been taken over four times in the last six years. But this is the first time since 1955 that the company has had any local ownership.
Jim Stankovic, Schoeneman's chief executive officer, said he and about 10 senior managers bought a percentage of the company but he declined to say how much.
"We are very thrilled about the sale," said Stankovic, who has been with the company for 32 years, working his way up from a warehouse worker to president.
The majority interest in Schoeneman is held by Plaid Holdings, a subsidiary of Plaid N.V., a private Netherlands concern owned by a group of international investors led by United Eastern Investment Corp. The sale was initiated by United Eastern, a Geneva investment firm. Plaid Holdings was specifically formed to buy Schoeneman, Stankovic said.