Oxford Industries has just announced that on January 3, 2011 it consummated its previously announced sale of substantially all of Oxford Apparel, one of its operating groups, to LF USA, a subsidiary of Li & Fung Limited.

Li & Fung acquires Oxford Apparel

The net cash proceeds are expected to be in excess of $95 million after the collection of retained accounts receivable, the sale of in-transit inventory to LF USA and the payment of retained liabilities, transaction expenses and income taxes.

The company’s Oxford Golf business and a distribution center in Lyons, GA, which were part of Oxford Apparel, were not included in the transaction and will continue to be operated by the company.

Oxford’s remaining brands include Tommy Bahama, Ben Sherman, Lilly Pulitzer, Oxford Golf, Arnold Brant and Billy London. The company also holds exclusive licenses to produce and sell certain product categories under the Kenneth Cole, Geoffrey Beene and Dockers labels.