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Wilsons leather unloaded some of its prized assets amid plunging sales and changed its name to PreVu Inc. Wilsons the Leather Experts Inc., once a dominant seller of leather clothing, is rapidly shrinking into oblivion. The beleaguered chain has closed about half its stores over the past year. Its chief executive resigned in April. Its stock is trading at 10 cents a share and faces a possible Nasdaq delisting. And now, the company doesn't even own its own name and website. The Brooklyn Park-based retailer on Tuesday said it sold the Wilsons name, 116 outlet stores and its online retail assets to G-III Apparel Group Ltd. of New York for $22.3 million in cash. The fate of Wilsons' 100 remaining, mall-based stores and 14 airport stores remains unclear as the retailer moves to cut costs amid rapidly declining sales of its leather... [read full story]
