J. Baker Inc has announced that it has consummated the sale of its licensed footwear department businesses to Footstar Inc, effective as of February 3, 2001. The closing of the transaction marks J. Baker's complete exit from the licensed retail footwear business. Under the Purchase Agreement entered into on November 16, 2000, J. Baker Inc will receive approximately $59m for the assets sold to Footstar, subject to post-closing adjustments.