Footwear Manufacturer & Distributor.
Preserving Tradition, Protecting Livelihoods
We preserved a century-old shoe company, safeguarding hundreds of jobs and ensuring its continued operation.
The Challenge
Our client was a US-based manufacturer and distributor of leather footwear and orthopedic products founded in 1867. Most US footwear manufacturers had either gone out of business or shifted production overseas and as a result, the company faced competitive pricing and other challenges in the global market.
Over time, the Company changed its business model and began importing shoes that required long lead times and large quantities for a fashion/style-sensitive product. The company’s situation required an infusion of new capital to support the lending institution and suppliers. The owner decided that, based on his age and financial risk tolerance level, he didn’t have enough energy to re-invent the business yet again and that this may be the time to sell.
Our Solution
Next Point worked the issues from multiple directions, our operations team strived to keep the unsecured creditors at bay while keeping the lights on, the employees paid and the operation running; simultaneously, our divestiture team worked to package the company and bring it to the marketplace to find a buyer that could move swiftly to close the transaction.
The Turning Point
Next Point is extremely proud to say that the best case scenario won out, the Company remains in operation – in its original location – and the employees’ jobs have been maintained. Today, there are even plans to double the employment.
Services Performed
