Perry Ellis Repurchases $25 Million of Senior Notes

Perry Ellis International announced that it has repurchased $25 million of its 2013 8-7/8 senior subordinated notes. This is the second repurchase Perry Ellis International had made over the last 6 months, for a total repurchase of $46 million. These were opportunistic transactions funded by excess cash.

"Our company is in its strongest financial position ever. That, combined with current market conditions, led us to believe that these repurchases were the most prudent use of our cash and demonstrates our commitment to building long-term value for our shareholders and further strengthening our balance sheet," commented George Feldenkreis, Chairman and CEO of Perry Ellis International. "We now have $104 million dollars of senior subordinated notes outstanding from the original $150 million and we will evaluate further repurchases as market conditions warrant," continued Mr. Feldenkreis.

In addition Perry Ellis International will be webcasting its Annual Shareholder Meeting to the general public on Thursday June 17, 2010, beginning at 11:00 AM EDT. This webcast can be accessed via the Investor Relations section of the Perry Ellis International website at http://www.pery.com/. An archive of the webcast will be available through June 30, 2010.

Perry Ellis has 46 outlet stores.

Source: MarketWatch