Skechers CEO calls buyout rumors ôdisruptiveö
The head of Manhattan Beach footwear maker Skechers, in a letter sent Tuesday to employees, called rumors of a private-equity buyout of the retailer 'disruptive,' and said the firm continues to focus on it business plan.
Women's Wear Daily reported Monday that a private-equity firm was looking at purchasing Skecher's and Nashville, Tenn.-based footwear firm Genesco Inc. with the intention of combining the two firms.
Robert Greenberg, Skechers chief executive officer, who started the company in the early 1980s, said he wrote the letter to address the market rumors and speculation about the firm. While neither confirming nor denying the rumors, he told the about 3,000 company employees: 'With the ready availability of significant capital in private equity funds and Skechers attractiveness as a franchise, rumors and speculation are not surprising.'
He went on to call the rumors 'disruptive to our employees and customers and our business.'
Greenberg finished by affirming that the company's focus 'continues to be the continued execution of our business to serve the interests of our customers and employees and create long-term value for our shareholders. Putting our customers first is our primary business strategy and we intend to continue to focus on this as always.”
Skechers products, manufactured mainly in Asia, are sold through department and specialty stores, as well as more than 150 company-owned outlets and its Web site. Through more than 30 global distributors, the billion-dollar-a-year firm sells its products in more than 100 countries and territories.
Greenberg and other family members control about 90 percent of Skechers’ voting power.
Skechers CEO calls buyout rumors ?disruptive?
