Carlsbad’s Phoenix Footwear has announced the sale of their Altama military footwear division to Tactical Holdings, Inc. for approximately “$15 million in total consideration,” according to a press release on Fox Business. Phoenix purchased this company on July 19, 2004 for approximately $35.3 million.
Commenting on the transaction, James Riedman, Phoenix Footwear’s Chairman, said, “The sale of Altama is an important part of continued improvements to our capital base. In addition to the direct cash it raises, it is expected to offset all of the capital taxes which arose from our gain earlier in the year with our Royal Robbins divestiture.”
So you’re saying a $20 million loss in value over three years is a good thing?
[Link: Fox Business]
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