Home / Knowledge / News / Fashion / Footstar BoD declares special cash distribution, payable in June
Footstar BoD declares special cash distribution, payable in June
10
May '08
Footstar Inc announced that its Board of Directors has declared a special cash distribution to shareholders of $1.00 per common share. The Company also said that it is proceeding with steps to prepare for the previously reported, anticipated wind-down of its business in 2009.

The special distribution will be paid on June 3, 2008 to shareholders of record at the close of business on May 28, 2008. The Company is reviewing the tax characterization of the distribution, but the distribution is expected to be treated as a return of capital for tax reporting purposes. Shareholders will receive further information on Form 1099 after the end of 2008 and are encouraged to consult their own tax advisors regarding the tax treatment of the distribution.

Footstar also said that its Board has adopted a plan of liquidation in connection with the orderly dissolution of the Company following the expiration at year-end 2008 of its agreement with Kmart to exclusively operate the footwear departments in all Kmart stores.

As previously announced, Footstar will continue to operate the business through December 2008 and then it will be transitioned to Kmart. The plan provides for the complete liquidation of the Company after the end of 2008 by providing for a series of distributions of cash to the stockholders of the Company generated from cash on hand, the sale of certain assets and the wind-down of the Company's business. Under the terms of the plan, the Company contemplates submitting a plan of dissolution to the Company's stockholders in 2009.


Must ReadView All

Plan under way to revive Egypt's state-run textile firms

Textiles | On 20th Oct 2018

Plan under way to revive Egypt's state-run textile firms

Egyptian minister for the public enterprise sector Hisham Tawfiq...

Myanmar asks garment units to set up skill testing centres

Apparel/Garments | On 20th Oct 2018

Myanmar asks garment units to set up skill testing centres

Myanmar’s ministry of labour, immigration and population has asked...

Results of Cameroon transgenic cotton trials by 2018 end

Textiles | On 20th Oct 2018

Results of Cameroon transgenic cotton trials by 2018 end

Cameroon’s national cotton development company Sodecoton will...

Interviews View All

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Anshul Sood, Oceedee

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search