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Phoenix Footwear cut jobs
17
Feb '09
Phoenix Footwear Group Inc, as previously announced, has been conducting a review of its strategic alternatives with the assistance of BB&T Capital Markets, a division of Scott & Stringfellow Inc.

As a result of these efforts, the Company is presently engaged in discussions, meetings and negotiations with various parties - including its CEO, Cathy Taylor - which may result in the Company divesting or exiting certain operations. To date, no definitive agreements have been reached for such transactions, nor can any assurances be given that any such transactions will be approved or consummated.

Concurrent with these discussions, Cathy Taylor and Doug Ford have stepped down from their positions as CEO and Director, and CFO, respectively. The Company has also restructured its operations, eliminating 17 positions for an annual cost savings of approximately $2.5 million. These reductions are effective Feb 16 and will result in a charge for severance during the first quarter of 2009.

In the wake of these changes Russell Hall has been named President and Chief Executive Officer of Phoenix Footwear Group while Dennis Nelson has been named the Company's Chief Financial Officer.

Mr. Hall has been with the Company since 2000 and most recently has been responsible for its Trotters, SoftWalk and Chambers divisions. Dennis Nelson has been the Company's controller since June of 2008, prior to which he was Director of Finance for TaylorMade-adidas Golf Company.

The Company expects to be reporting year end results in late March; however, it does not intend to provide ongoing disclosure with respect to its strategic efforts until a definitive agreement is approved unless disclosure is otherwise appropriate.

Phoenix Footwear Group Inc


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