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Allen-Edmonds Sold to Private Firm

post #1 of 46
Thread Starter 
Notice reference to W's Red, White and Blue Wingtips.

Quote:
Private Minneapolis Firm Buys Shoemaker
By EMILY FREDRIX AP Business Writer
© 2006 The Associated Press

MILWAUKEE — The president and chief executive of Allen-Edmonds Shoe Corp., one of the few remaining domestic shoe brands, has sold his majority stake to a private investment firm from Minneapolis.

John Stollenwerk sold his stake in the fashionable men's shoe manufacturer to Goldner Hawn Johnson & Morrison Inc., in a deal announced Thursday. Terms of the deal were not disclosed.

Goldner Hawn said it would partner with the current management team and keep leaders in place at the company, which is based in Port Washington, 25 miles north of Milwaukee.

"The quality behind every aspect of Allen-Edmonds made the company very attractive to us," said Michael T. Sweeney, managing director of Goldner Hawn.

Stollenwerk will become the company's chairman, while Mark Birmingham, the chief operating officer, will take over as president and CEO. Stollenwerk said the company's management team looked forward to working with Goldner Hawn.

"Bright days lie ahead for Allen-Edmonds," he said.

Allen-Edmonds, which prides itself on its materials and crafting standards, was founded in 1922 in the town of Belgium, just north of Port Washington. It received a military contract to outfit American soldiers with shoes during World War II and found that soldiers wanted to continue wearing the brand after they returned home.

Besides shoes, the company also makes belts and cedar shoe trees, which are inserts for storing shoes. It employs about 700 people at its manufacturing facilities in Port Washington and Lewiston, Maine, and at 26 company-owned stores.

Earlier this month, President Bush toured the factory in Port Washington and received a pair of custom-made leather wingtips in red, white and blue. The company said this week it would not make any other pairs of the patriotic shoes.

Goldner Hawn invests in companies headquartered in the Midwest and looks for those with strong management teams to keep in place. Investments include Houlihan's Restaurants, Westlake (ACE) Hardware Stores and Transport Corporation of America.

http://www.chron.com/cs/CDA/printsto.../ap/fn/4061467
post #2 of 46
I wonder what this means for the quality and styling of Allen Edmonds shoes in the future. I hope they don't go the way of J&M.
post #3 of 46
sounds bad. better stock up on AEs, because these firms tend to look at the bottom line only.
post #4 of 46
Mr. Stollenwerk is in his late 60s and likely wanted to insure the company would keep going past his tenure. As long as they keep the quality up and keep the production in the US, it's cool.
post #5 of 46
Thread Starter 
Quote:
Originally Posted by NoVaguy
sounds bad. better stock up on AEs, because these firms tend to look at the bottom line only.

I've been looking for an excuse to buy a pair of the Broadstreet spectators.
post #6 of 46
Quote:
Originally Posted by NoVaguy
sounds bad. better stock up on AEs, because these firms tend to look at the bottom line only.
Agreed, now it is just a matter of time before they head offshore or to Mexico for production. "Bright days lie ahead for Allen-Edmonds," he said.-This quote confirms AE's future was in doubt before the sale. I better purchase a second pair of Park Ave.'s before the end of the year.
post #7 of 46
Quote:
Originally Posted by NoVaguy
sounds bad. better stock up on AEs, because these firms tend to look at the bottom line only.

Agreed.
post #8 of 46
I was debating whether or not to sell my brand new Fairfaxes on eBay last night. Now, I'm tempted to buy a second pair.
post #9 of 46
Quote:
John Stollenwerk sold his stake in the fashionable men's shoe manufacturer to Goldner Hawn Johnson & Morrison Inc., in a deal announced Thursday. Terms of the deal were not disclosed.
That was the first time I've ever heard anybody refer to AE as "fashionable."
post #10 of 46
Quote:
"Besides shoes, the company also makes belts and cedar shoe trees, which are inserts for storing shoes."

Good thing they explained what cedar shoe trees are. I thought they were where the trees on which shoes grow.
post #11 of 46
It's easy to see the potential downside here. And I'm not sure if there's any upside.
post #12 of 46
Wow, you guys don't sound very optimistic about Goldner Hawn Johnson & Morrison Inc. taking over. I am not familiar with them...Is this company known to dilute brands it acquires?

I own several pairs of Allen Edmunds, and now I am thinking about stocking up!
post #13 of 46
Quote:
Originally Posted by StevenRocks
Mr. Stollenwerk is in his late 60s and likely wanted to insure the company would keep going past his tenure. As long as they keep the quality up and keep the production in the US, it's cool.
Given the way many companies are headed after a death, it's better they die too. Has anyone seen what has become of Schiaparelli? Vile. http://www.schiaparelli.com/
post #14 of 46
better stock up before the park avenue and the rest all become square toed.
post #15 of 46
Nodstroms is having that sale mentioned elsewhere, the store actually have brown and merlot as well as black
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