US: Brown Shoe sells AND 1 brand for $55m
Footwear firm Brown Shoe Company Inc has completed the sale of its men's basketball brand AND 1 to newly-formed brand management company Galaxy International for $55m in cash.
The deal was announced back in August, and Brown Shoe says it plans to use the proceeds from the sale to pay down debt. The move also helps align its products around the healthy living, contemporary fashion and family categories.
The AND1 brand was part of the American Sporting Goods (ASG) acquisition that Brown Shoe completed in this year for $145m. The deal added the Avia, Ryka and Nevados athletic and outdoor brands and helped broaden Brown Shoe's fitness and comfort lines.
Despite the changes, president and CEO Diane Sullivan notes: "Our work to align our organization for success is still underway, as we continue to evaluate our remaining businesses."
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