Brown Shoe Co. sells Avia and Nevados brands
Brown Shoe Co. sells Avia and Nevados brands to Galaxy Brand Holdings for $74 million
ST. LOUIS (AP) -- Brown Shoe Co. said Tuesday that it has sold its Avia and Nevados brands to Galaxy Brand Holdings Inc. for $74 million.
Brown Shoe retained Ryka and other brands, and said it plans to use the proceeds from the sale to pay down debt.
As a result of the transaction, the shoe company expects to book a one-time charge ranging from 28 cents to 33 cents per share in fiscal 2013.
Brown Shoe acquired Avia and Nevados as part of its American Sporting Goods acquisition in February 2011. Later that year, the company sold the AND 1 brand, which also was part of the ASG deal, for $55 million.
Shares in Brown Shoe ended regular trading up 5 cents at $17.40. The stock is down 5.3 percent this year.
