The Walking Company Holdings, Inc., the parent company of The Walking Company and Big Dog Sportswear, announced that its net sales for the year ended Dec. 31, were approximately $201.5 million, a 7 percent increase as compared to 2010. The company also said it had a net profit for the year.
The company emerged from bankruptcy proceedings in May 2010.
The company further announced the following transactions that closed in December: (i) An expansion and extension of its existing line of credit with Wells Fargo Bank, increasing total availability to $40 million through 2016. (ii) A voluntary partial redemption of its 8.375 percent Convertible Notes due 2015. The company distributed $6.0 million to such noteholders to reduce the outstanding principal amount of the Notes by approximately $6.3 million (a discount of approximately 5 percent). There now remains outstanding approximately $13.1 million in principal amount of such Notes. (iii) Distribution of a cash dividend of 20 cents per share on its common stock, totaling approximately $2.1 million.
The Walking Company operates 209 stores in premium malls across the nation, and also markets its products through its catalog and online store at www.thewalkingcompany.com .
Big Dogs has closed all its doors but still sells through www.bigdogs.com.
