• Stride Rite: centering on premium lifestyle and athletic branded footwear and high-quality children's footwear sold primarily through wholesaling arrangements and more than 300 retail store locations.
Brands owned or licensed by Stride Rite include Stride Rite, Keds, Sperry Top-Sider, Tommy Hilfiger footwear, Saucony, Hind, and Robeez, among others.
• Collective Licensing International: specializing in brand management and global licensing of its portfolio of youth, lifestyle and high-quality fashion athletic brands.
Brands for Collective Licensing include: Airwalk, Vision Street Wear, Lamar, Sims, LTD, genetic, Dukes, Rage, Ultra-Wheels, and Skate Attack.
While each unit will operate separately, the company will leverage core competencies across the organization in areas such as product design and development, global sourcing, distribution, inventory management, and various corporate functions.
Collective Brands' competitive advantages include: • A diverse operating model with the ability to target specific customer segments with branded products offered at a range of price points through multiple channels. • The preeminent position in children's footwear both at the • A stronger, more efficient organization with the scope and scale to manage all aspects of getting to market from interpretations of emerging trends, to design, development, sourcing, logistics and distribution.
The acquisition of Stride Rite was approved by its shareholders at a special meeting held on August 16, 2007, with 80.7% of its shareholders voting in favor of the transaction.
The transaction, valued at approximately $900 million, consisted of an aggregate $800 million payment to Stride Rite shareholders, option holders and other equity holders, as well as the repayment of existing debt and other transaction costs.
It was financed with approximately $175 million in cash-on-hand and a $725 million term loan B at a variable rate of currently 8.3% over 7 years.
David Chamberlain, chief executive officer for The Stride Rite Corporation, has retired from day-to-day operations of the company and will serve as an outside consultant to Matt Rubel.
Richard Thornton will continue to serve as president and chief operating officer of the Stride Rite unit. Matt Rubel will continue to head the Payless ShoeSource unit, and Bruce Pettet will continue to lead the Collective Licensing unit.
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