Californian designer and developer Phoenix Footwear has had the price it paid for wholly-owned subsidiary Altama Delta reduced by approximately US$4.25m.

Phoenix, who sells men's and women's dress and casual footwear, belts, personal items, outdoor sportswear and travel apparel, entered into an agreement with W Whitlow Wyatt which modified the terms of the stock purchase agreement made on 15 June 2004.

The reduction was funded by approximately $1.6m in cash previously due Wyatt held by Phoenix, 196,967 Phoenix shares and the termination of all future obligations under the stock purchase agreement, including a contingent earn-out covenant, and Wyatt's consulting and non-competition agreements which totalled approximately $1.6m.