Speciality retailer Bakers Footwear Group has secured a US$5m debt and equity investment from footwear company Steve Madden, in return for a near-20% stake in the business.

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The company, which retails footwear to young women, said it would use the net proceeds of the deal – about $4.6m – for working capital purposes.

In return, Steve Madden gains more than 1.8m shares of common stock, equivalent to a 19.99% equity interest in Bakers.

However, the company has agreed to vote its shares in the same manner as Peter Edison, Bakers CEO.

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“We are pleased to expand our 20-year partnership with Steve Madden, one of our largest suppliers, to include a financial investment,” said Edison.

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“This investment has no financial covenants or sourcing, management or governance conditions of any kind, and represents a strong vote of confidence in our business.”