Roots takes another step closer to going private

ROOTS Corp. has cleared one of the last hurdles on its way to going private through a transaction led by a New York brand management firm. The retailer says an Ontario Superior Court judge has approved a previously disclosed plan. The transaction is subject to unsecured creditor conditions and is expected to close this month, but already got shareholder approval and Roots shareholders will vote on the deal at a special meeting of shareholders announced in August. Roots shareholders will receive $4.10 per share. Then, Chino Monaco founder Joe Miraglia's company, JM Design and Development Inc., will acquire, manufacture and distribute Roots clothing lines, which include its well-known sweatpants, Marquee Brands' roster of labels also includes Martha Stewart, Laura Ashley and Roberto Cavalli. Miraglia Brands wants to bring Roots to other markets like Korea, India and Mexico.