Woolrich May Have New Owners

April 7, 2006 -- Woolrich, the maker of rugged outdoor apparel that has remained under family control since its founding 176 years ago, may soon have new owners, the New York Post reported.

Based in the Pennsylvania town of the same name, Woolrich has hired the investment bank Morgan Joseph to vet potential suitors.

According to sources, several financial firms have expressed an interest in the company, adding that the company is worth about $90 million.

Founded in 1830 by John Rich, who peddled fabric to lumber camp workers, Woolrich became known for its durable outdoor gear ? embodied by its signature product, the red-and-black plaid wool hunting jacket.

Recently, Woolrich ran into trouble when it lost market share to rivals such as Timberland and L.L. Bean.