DULUTH, MN (CBS-3) – Duluth-based Maurices announced late Monday its sale to a private equity firm is complete.
Company officials said the deal marks a new era in the Duluth-based women’s fashion retailer’s 88-year history.
United-Kingdom-based OpCapita is expected to pay roughly $200 million in cash to be used to pay down Maurices existing term loan balance.
Despite the new ownership, the company’s headquarters will remain in downtown Duluth and George Goldfarb will remain president and CEO, the company said in a news release.
This is Opcapita’s first US investment.
