Phoenix Footwear Group is scheduled to complete the acquisition of Royal Robbins October 31, 2003. Phoenix Footwear had previously announced a definitive agreement to acquire Royal Robbins, Inc. on October 3, 2003. The completion of this acquisition would mark Phoenix Footwear's entry into the men's and women's apparel category, and elevates the Company into a full-scale men's and women's footwear and apparel company.
James R. Riedman, Chairman and CEO of Phoenix Footwear, commented, “With the completion of this transaction we would add a well-known, quality line of outerwear and apparel to the Phoenix Footwear portfolio of brands. As we integrate operations, we believe the sales and distribution synergies that we expect to be created will allow us to expand the Royal Robbins brand, and provide us with a significant new growth vehicle in 2004. This transaction is consistent with our strategic focus of acquiring brands that will strengthen our earnings and operating margins. Looking ahead, we plan to continue pursuing similar acquisitions to complement our current line of footwear and apparel brands, thus enhancing profitability and maximizing shareholder value.”