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Stock Market & Financial Investment News

News Breaks
March 11, 2013
16:38 EDTLAKELakeland Industries reports material developments
Lower than expected sales in Brazil for the quarter ended January 31, 2013 resulting in anticipated operating loss in Brazil $11.5 million goodwill impairment charge in Brazil ;Potential default on bank line of credit with TD Bank; Lower than expected sales in the quarter ended January 31, 2013 in Brazil will likely result in an operating loss from Brazil in such quarter. In view of the recent operating losses incurred by Lakeland Brazil, management determined that the carrying amount of the goodwill related to our Brazil subsidiary exceeded its fair value, which was estimated based on the present value of expected future cash inflows.
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June 25, 2015
16:02 EDTLAKELakeland Industries to exit Brazilian operations
Lakeland Industries announced that it has signed a definitive agreement to exit its Brazilian operations through a transfer of shares of its wholly-owned Brazilian subsidiary to a company owned by a current manager of the subsidiary. The shares transfer and related details to finalize the Company's exit from Brazil are expected to be completed on or around July 31.
June 22, 2015
08:01 EDTLAKELakeland Industries announces early payoff of settlement to exit Brazil
Lakeland Industries announced it has successfully amended the Settlement Agreement from September 11, 2012 relating to an arbitration with the former management of its Brazil subsidiary. The amended Settlement Agreement includes a discounted early payoff of the outstanding balance owed to the former management of the Brazil subsidiary pursuant to the original Settlement Agreement. Following the satisfaction of all regularly scheduled payments of the original Settlement Agreement to date, the company has agreed to complete the payoff of the new Settlement Agreement by June 30, 2015, which will satisfy the remaining $3,750,000 balance under the original Settlement Agreement. The payoff amount of the new Settlement Agreement is $3,413,000, resulting in a gain of $224,000 after allowing for imputed interest on the original Settlement Agreement. As part of the original Settlement Agreement, all alleged outstanding claims against the company arising from an arbitration proceeding in Brazil involving the company and the former management of the Brazil subsidiary were settled for an aggregate of approximately $8,500,000, which was payable by the Company over a period of six years. Prior to the new Settlement Agreement, the remaining amount owed under the original Settlement Agreement was to be paid in quarterly installments of $250,000 through December 31, 2018.

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