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Tarrant Apparel Group, a design and sourcing company for private label and private brand casual apparel, said Friday it reached a mutual agreement with Buffalo Group to end a transaction to buy Buffalo for up to $120 million in cash, stock and notes.
Tarrant did not provide a reason for the termination but said it was in both companies' best interests to remain independent.
Buffalo Group makes lifestyle clothes for women and men from about 16 to 35.
In connection with the termination, Tarrant and Buffalo agreed to release each other from all claims arising under or related to the terminated purchase agreement, and Buffalo returned $4.75 million of the $5 million deposit Tarrant provided to Buffalo.
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