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Local Florsheim Stores To Stay Put After Company Sells Assets
BY TAINA ROSA
March 15, 2002
Peter Corritori, CEO of the Florsheim Group Inc., told CARIBBEAN BUSINESS that the three Florsheim shoe stores that operate on the island would remain open after the company sells its assets to Weyco Group Inc.
Florsheim recently announced that it has entered an agreement with Weyco Group, a leading manufacturer of mens shoes, in which the latter will purchase Florsheims domestic wholesale business, related assets, and some Florsheim retail stores for about $44.8 million. It will also assume certain trade and lease liabilities, according to company information.
Although the companies did announce that there is a possibility of some Florsheim stores closing, Corritori said that this would not affect local operations.
The sale of assets comes after Florsheim filed for Chapter 11. For the 39 weeks ended Sept. 29, 2001, revenue fell 12% to $139.4 million. Net loss fell 18% to $15.9 million.
Florsheim currently distributes its products in more than 6,000 department and specialty stores worldwide through approximately 155 company-operated specialty and outlet stores and 43 company-owned stores worldwide. It has four stores in Puerto Rico, in Plaza Las Americas, Plaza Carolina, Humacao, and Ponce.
This Caribbean Business article appears courtesy of Casiano Communications.