Business
PLBY Group to Sell Lovers Business
LOS ANGELES, Oct. 05, 2023 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle
About this update from Playboy, Inc.
[{"type":"text","content":"LOS ANGELES, Oct. 05, 2023 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, today announced that its wholly-owned subsidiary, Playboy Enterprises, Inc., has entered into a definitive agreement to sell its Lovers business to LV Holding, LLC, a third party unaffiliated with PLBY Group, for a purchase price of approximately $13.5 million, subject to certain adjustments set forth in the definitive agreement. The sale of Lovers, an online and brick-and-mortar sexual wellness retailer, with 40 stores in five states, is expected to close in the fourth quarter of 2023, following the satisfaction of customary closing conditions. At the closing of the sale, Playboy Enterprises, Inc. will sell 100% of the equity of its subsidiary, TLA Acquisition Corp., which holds the Lovers business. The sale of Lovers represents another successful step by the Company towards a more capital-light business model that is focused on its hero Playboy brand. About PLBY Group, Inc.PLBY Group, Inc. is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, with products and content available in approximately 180 countries. PLBY Group’s mission — to create a culture where all people can pursue pleasure — builds upon almost seven decades of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Learn more at http://www.plbygroup.com. Forward-Looking StatementsThis press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from their expectations, estimates, and projections (including with respect to the Lovers sale) and, consequently, readers and investors should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “an...