On Tuesday designer Kate Spade was found dead of an apparent suicide as reported by CBS New York citing law enforcement officials. The news of her passing comes just over a year after she sold her brand to Coach for $2.4 billion. The company has since changed its name to Tapestry.
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The deal closed in the third quarter of 2017 and is expected to add to adjusted earnings in fiscal 2018, Coach said.
Reuters reported in April, citing sources, that Kate Spade would need a few more weeks negotiating a sale of the company after receiving an offer from Coach.
Coach expects to have a run rate of about $50 million in savings within three years of the closing of the deal.
Coach's financial adviser was Evercore Group L.L.C. and its legal adviser was Fried, Frank, Harris, Shriver & Jacobson LLP.
Kate Spade & Co's financial adviser was Perella Weinberg Partners LP and its legal adviser was Paul, Weiss, Rifkind, Wharton & Garrison LLP.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)
*The story was updated to reflect the death of Kate Spade on June 5, 2018.