Giant Group to Buy Stake in Horizon Fabrics
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Times Staff and Wire Reports
Giant Group Ltd. agreed to buy an 81% interest in Horizon Fabrics Inc. and Hirschberg Schutz & Co., suppliers of specialty fabrics, ribbons and trims. Giant Group, a Beverly Hills-based investor in the Rally’s Hamburger chain, will pay $32.4 million in cash, debt securities and the assumption of certain liabilities for the stake. The remaining 19% will continue to be owned by the senior management and founders of Horizon and Hirschberg, James Cash and Jerry Spitzberg.
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