Brown Shoe Company Sells Shoes.com
Brown Shoe Company has sold Shoes.com to SHOEme, and the transaction closed immediately. The company expects the sale to result in a gain in the fourth quarter of 2014, which will be considered a non-GAAP adjustment.
“Since 2000, Shoes.com has helped us greatly advance our e-commerce efforts at a pace ahead of the industry and has also served as the platform for many of our branded wholesale ecommerce sites, including Naturalizer.com, SamEdelman.com and ViaSpiga.com, among others," said Diane Sullivan, CEO, president and chairman of Brown Shoe Company. “While Shoes.com has been a beneficial part of our company, we believe now is the right time to focus our attention on Famous.com and our branded wholesale e-commerce sites, as we continue to expand and invest in more strategic omni-channel, online and mobile efforts. With over 1,000 brick-and-mortar locations, an established online presence and over 1 million mobile app downloads, we believe Famous Footwear will be the leading omni-channel destination for the footwear industry.”
“Shoes.com has a strong history with top-tier brands and a commitment to providing an unparalleled shoe-shopping experience,” said Roger Hardy, CEO of OnlineShoes.com and SHOEme.ca. “Shoes.com’s experience in the industry will be invaluable to all of our brands, as SHOEme continues its rapid expansion.”
Brown Shoe Company does not expect the sale of Shoes.com to have a negative impact on operations going forward. Additional details regarding the sale of Shoes.com will be available in the company’s 10-K filing. Financo Inc. served as advisor to Brown Shoe Company for this transaction.
“Since 2000, Shoes.com has helped us greatly advance our e-commerce efforts at a pace ahead of the industry and has also served as the platform for many of our branded wholesale ecommerce sites, including Naturalizer.com, SamEdelman.com and ViaSpiga.com, among others," said Diane Sullivan, CEO, president and chairman of Brown Shoe Company. “While Shoes.com has been a beneficial part of our company, we believe now is the right time to focus our attention on Famous.com and our branded wholesale e-commerce sites, as we continue to expand and invest in more strategic omni-channel, online and mobile efforts. With over 1,000 brick-and-mortar locations, an established online presence and over 1 million mobile app downloads, we believe Famous Footwear will be the leading omni-channel destination for the footwear industry.”
“Shoes.com has a strong history with top-tier brands and a commitment to providing an unparalleled shoe-shopping experience,” said Roger Hardy, CEO of OnlineShoes.com and SHOEme.ca. “Shoes.com’s experience in the industry will be invaluable to all of our brands, as SHOEme continues its rapid expansion.”
Brown Shoe Company does not expect the sale of Shoes.com to have a negative impact on operations going forward. Additional details regarding the sale of Shoes.com will be available in the company’s 10-K filing. Financo Inc. served as advisor to Brown Shoe Company for this transaction.