Brown Shoe to exit "several businesses" - footwearbiz: Leading site fo

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Brown Shoe to exit "several businesses"

25/11/2011
Brown Shoe Company has reported a slight fall (0.3%) in its sales revenue for the third quarter compared to the same period in 2010. Across the group, sales of footwear brought in $713.8 million for the quarter this year.

“We recently completed the first phase of our previously announced portfolio review and have made determinations about some of our assets,” said Diane Sullivan, president and chief executive officer of the company. “As a result, we will be exiting several businesses, including all of children’s wholesale and some women’s specialty and private brands. In addition, we have accelerated our real estate review and now plan to close between 70 and 75 Famous Footwear stores in fiscal 2011 and 2012, for a total of approximately 145 stores. We will also be closing all of our Brown Shoe Closet and F.X. LaSalle stores. These changes are in addition to the sale of AND 1 and the closing of our retail distribution centre in Sun Prairie, Wisconsin.”


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