MEXICO: RG Barry settles depot lease
RG Barry, the Dearfoams comfort shoe firm, has signed an agreement with the owners of its former Nuevo Laredo, Mexico, distribution centre to settle its remaining lease obligation on the facility until 2012 for approximately US$2.8m.
RG Barry closed its 144,000-sq-ft distribution centre there in 2004, shifting a significant portion of its distribution to third-party logistics centres.
Also as part of the lease settlement, the landlord will purportedly dismiss a related lawsuit filed against the company last year in the US District Court in Texas.
A charge from the settlement, of approximately $2m, will be recorded in the company's results of operations for the second quarter of 2006.
Dearfoams continues to operate a leased distribution facility in San Angelo, Texas.
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