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On the heels of its announcement of a new CEO, Regis Corporation announced it has entered into a definitive agreement to sell its Hair Club for Men and Women (Hair Club) brand to Aderans Co., Ltd. Under the terms of the agreement, Regis will receive $163.5 million in cash, and the transaction is expected to close in the third or fourth quarter of calendar 2012.
“We believe the sale of Hair Club represents an opportunity to exit a non-core business on attractive terms while taking another significant step in refocusing operational resources on expanding sales, margins and profitability of salon operations,” said Joel Conner, Regis chairman of the board. “This agreement, which follows the previously announced agreement to sell Regis’ stake in Provalliance, also represents the significant progress Regis has made in its evaluation of non-core assets. We look forward to continuing to implement our strategy of improving the customer experience in our salons and enhancing shareholder value.”