US: Bakers secures US$5m Madden investment
The company, which retails footwear to young women, said it would use the net proceeds of the deal – about $4.6m – for working capital purposes.
In return, Steve Madden gains more than 1.8m shares of common stock, equivalent to a 19.99% equity interest in Bakers.
However, the company has agreed to vote its shares in the same manner as Peter Edison, Bakers CEO.
“We are pleased to expand our 20-year partnership with Steve Madden, one of our largest suppliers, to include a financial investment,” said Edison.
“This investment has no financial covenants or sourcing, management or governance conditions of any kind, and represents a strong vote of confidence in our business.”
The following is a general roundup of US apparel and shoe chains' January 2011 sales results. The list will be updated as new results become available. ...
The following is a general roundup of US apparel and shoe chains' August 2010 sales results. The list will be updated as new results become available....
Footwear and accessories business Steve Madden posted a 30% gain in fourth quarter net profit, driven by a double-digit revenue increase. ...
Shoe retailer Bakers Footwear Group has narrowed its third-quarter loss thanks to higher sales at its 236 stores....
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