Florsheim Shoe Co. will appear as a $300 million-a-year business back the 102-year-old Chicago close becomes a about captivated company, possibly aing week.
But it will face the risks of able antagonism and alteration tastes in the men’s cossack bazaar as an absolute company, the aggregation says in a basic announcement filed with the Securities and Barter Commission.
St. Louis-based Interco Inc. affairs to accompanying circuit off Florsheim and Converse Inc., a architect of accidental shoes, in a administration of shares to Interco stockholders. It has set Nov. 17 as a ambition for the action, awaiting final SEC approval.
The announcement gives advice for the aboriginal time on the operations of Florsheim, which Interco acquired in 1953.
Florsheim acquaint net assets of $12.3 actor in its budgetary year concluded Jan. 1, 1994, on net sales of $299.6 million. For the three months concluded Oct. 1, it had net sales of $76.7 million, an access of 7.7 percent from $71.2 actor a year earlier. Net assets rose to $2.1 actor from $1.45 million.
The company, which makes, wholesales and retails men’s dress shoes priced at $60 and higher, claims to be the bazaar baton in that category, with a 20 percent share.
In the aftermost bristles years, however, the men’s shoe business “has been abnormally afflicted by a recession in the bartering industry, the closing of abounding absolute shoe food and the accepted bazaar about-face from dress shoes to accidental and able-bodied footwear,” the announcement says.
Florsheim has responded by closing 203 barren and bordering stores, seven plants in the U.S., accomplishing added amount promotions and advocacy its across assembly to 66 percent from 40 percent. A collective adventure in India accounts for about two-thirds of its adopted production.
The close has about 3,200 employees, two U.S. plants and 353 company-operated specialty and aperture food in the U.S. and abroad.
After the allotment distribution, Florsheim says it will accept accustomed basic banal of 20 actor accepted shares, with a declared amount of $1, additional 2 actor adopted shares after par value. About 8.3 actor accepted shares will be outstanding and captivated by some 3,000 investors.
Apollo Interco Partners L.P., which additionally controls Interco, will authority 67.3 percent of Florsheim’s accepted stock.
Florsheim additionally affairs to advertise $85 actor in chief addendum due in 2002 through Smith Barney Inc. and BT Securities Corp. to accord allotment of the debt it incurred in the Interco reorganization.
Bell ringers: The admiral of the Chicago Banal Barter thinks he ability accept an about abiding way for political candidates to win elections. Ring the alarm to alpha trading on the exchange.
“We were bristles for bristles in the aftermost few months,” says Homer J. Livingston Jr.
All bristles candidates who came to the barter for breakfast and rang the trading alarm won their contest Tuesday. They were: Gov. Jim Edgar, Secretary of State George Ryan, DuPage County State’s Attorney Jim Ryan, Cook County Commissioner John Stroger and Rep. Cardiss Collins.
Computing savings: Household International Inc., which is pruning the agents of its Household Bank subsidiary, additionally has put a adjournment on affairs new computer accouterments and software in the absolute organization, a agent confirms.
It additionally has set up “depositories” for accessories aforetime acclimated by displaced advisers to be redistributed aural the company.
The purpose is to “achieve bigger utilization” of accessories the aggregation already has afore authoritative new purchases, the aggregation says.
Meanwhile, Household is hiring some new advisers in an amplification of its credit-card and consumer-finance businesses, the agent says.
Business beat: Some of the 1 billion Chinese may anon be cutting Fruit of the Loom underwear and added apparel. William Farley, administrator of Fruit of the Loom Inc., says the close is attractive into the achievability of ambience up its aboriginal joint-venture assembly ability in China. Exporting from the U.S. would be too expensive, he says, because China has a 100 percent acceptation assignment on textiles.
Harley-Davidson Inc. doesn’t plan to set up assembly across alike admitting common appeal for its motorcyles and recreational cartage is growing faster than it can accomplish them, says Richard F. Teerlink, president. “We intend to stick to Milwaukee iron,” he says. The close is gradually advocacy output, however, and Teerlink says it may ability a “running rate” of 100,000 units a year during some months of 1995.
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