Steven Madden Ltd. said it had hired an investment bank to help it
weigh strategic options and a possible sale of the company after
receiving takeover overtures from unnamed parties. Besides the takeover
approaches, Steven Madden also said some investors had urged the
company to explore alternatives to boost shareholder value.
Shares of Steve Madden have dropped about 44 percent so far this year, giving it a market capitalization of about $400 million.
The company said it had formed a strategic review committee, comprised
of three independent directors. The committee hired Peter J. Solomon
& Co. as its financial adviser. Steven Madden said there were no
assurances that a deal would be reached.
Earlier this week, Steven Madden cut its full-year sales and earnings
outlooks, due in part to a weak market for consumer spending and a
limited number of footwear trends to pursue.
