Shoe and accessory maker Steven Madden Ltd today (19 October) said unnamed third parties have expressed an interest in buying the company.

A Strategic Review Committee has been set up at the request of shareholders to explore any potential transactions.

The Committee has retained Peter J Solomon & Company as its financial advisor, and Weil, Gotshal & Manges LLP as its independent legal counsel.

The company said it does not expect to disclose further developments regarding the process until the review of strategic alternatives has been completed.

Steven Madden licenses its brands and is also, through its wholly-owned subsidiary Daniel M Friedman & Associates, the licensee for Betsey Johnson handbags and belts, Ellen Tracy belts, and Tracy Reese handbags and belts.

Earlier this week the Long Island City, New York based firm lowered its third quarter and full year earnings forecasts, blaming softer retail trends and a lack of strong direction in footwear fashion trends to drive sales.