PICKERINGTON, Ohio -- R.G. Barry Corp. has completed the sale of Vesture Corp., its thermal products subsidiary, according to a report in Columbus (Ohio) Business First.
The sale was announced last month. (See related story R.G. Barry selling pizza delivery bag maker Vesture)
An investment group led by Byron Owens, Vesture's co-founder, bought the company back for an undisclosed amount. R.G. Barry retains some accounts receivable and a cut of sales through 2006.
Asheboro, N.C.-based Vesture specializes in products, such as pizza bags, to keep food hot or cold. Its clients include Donatos and Papa John's. (See related story Hot and Handy)
The unit lost $5.8 million in 2002 for R.G. Barry, whose main business is slippers and comfort footwear. Barry bought Vesture in 1994, but when the sale was announced in May, R.G. Barry said the unit had become a "management distraction and financial drain."