Carlsbad’s Phoenix Footwear Group, Inc. announced today that it has closed the sale of its Royal Robbins division to Kellwood Company (owner of Calvin Klein, Nautica, Phat Farm, Sierra Designs and many more) for approximately $40 million in cash.
The successful sale of our Royal Robins division marks an important inflection point in the development of our company. The proceeds from the transaction will allow us to pay down a significant portion of our long-term debt and provide us with a capital base to aggressively pursue our immediate growth initiatives.
Now Phoenix is only $13.7 million in debt. Wonder what they will sell to cover the rest?
[Link: Phoenix Footwear]
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