Florsheim Files for Bankruptcy Protection
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Florsheim Group Inc., a 110-year-old maker and seller of men’s shoes, sought Chapter 11 bankruptcy protection after four years of losses and said it had found a buyer for most of the company’s assets.
Weyco Group Inc. has agreed to purchase Florsheim’s U.S. wholesale business, related assets and some of its 155 stores for about $44.8 million, plus the assumption of certain debts. Weyco also agreed to buy some of Chicago-based Florsheim’s foreign units, bringing the transaction’s value to more than $47million.
Shares of Florsheim fell 3.5 cents to 4.5 cents in over-the- counter trading. Shares of Milwaukee-based Weyco Group rose 98 cents to $30.10 on Nasdaq.
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