Seven Sale
Vernon-based premium denim brand Seven for All Mankind sold a 50 percent stake in its business to Bear Stearns Merchant Banking. The deal is estimated to be between $75 million and $100 million. The sale follows last year’s court ruling stating that Peter Koral, owner of L’Koral Industries, which owns the Seven for All Mankind brand, owed designer Jerome Dahan and businessman Michael Glasser $5.5 million in profits for 2001 and 2002. Dahan and Glasser helped launch the line with Koral, but left in late 2002 to start another high-end denim label, Citizens of Humanity.
