Minneapolis Investment Firm has bought Allen-Edmonds Shoe Corp. for more than $100 million which was built by John Stollenwerk and has stood firm even in a volatile market.
It is quite an earning for Stollenwerk who had bought the company in 1987 for about 1.3 million acquiring 99 percent shares in the company which has been now reduced to mere 10 percent even though he remains as Chairman.
Michael T Sweeney, Managing Director of Minneapolis Investment revealed his ambitious plan for the company saying that it was worth $ 100 million in revenue but was worth $ 500 million in brand.
Firm has 13 retail stores and another 13 outlets that do not carry the full line and it further plans to invite new retailers while working along with its most important partner, Nordstrom Inc.
Allen-Edmonds has been able to retain its market even though US footwear production has dived by 87 percent in the 1989-2003 period.
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