Latest news with #JackCalandra
Yahoo
30-06-2025
- Business
- Yahoo
Caleres Secures Expanded Credit Facility in Time for Stuart Weitzman Purchase
Caleres Inc. has its financial ducks in a row as it prepares to close on its purchase of the Stuart Weitzman brand. The global footwear company said on Monday that it has amended its credit agreement, which extends its senior secured asset-based revolving credit facility to June 2030. In addition, the borrowing capacity will increase by $200 million to $700 million. Furthermore, there is an 'accordian' provision that allows Caleres to request an increase in the size of the facility to '$950 million in the aggregate.' More from WWD Federico Marchetti Forays Into Hospitality, Takes Part in 200M Euro Restoration of Venice's Grand Hôtel des Bains What's Driving Footwear's M&A Craze in 2025 Vera Bradley CEO, CFO to Exit, Board Creates 'Transformation' Committee 'The expanded facility provides Caleres with enhanced liquidity and flexibility, and further strengthens the balance sheet,' Jack Calandra, Caleres' senior vice president and CFO, said. 'In the near term, after continuing to pay our dividend, Caleres' capital allocation priorities are to complete the acquisition of Stuart Weitzman and invest in our growth vectors.' Calandra said that over the longer term, the company will balance its investment priorities with debt reduction and returning capital to shareholders. Caleres in February inked a deal to acquire the Stuart Weitzman brand from Tapestry Inc. for $105 million. At the time, Caleres president and CEO said the acquisition advances the company's 'strategic agenda' to grow its brand portfolio segment with an eye to more global and direct-to-consumer reach. The plan is for Stuart Weitzman to be the lead brand for Caleres. The closing date for the transaction is this summer, and Caleres has previously said that it would fund the deal through its revolving credit agreement. Caleres is set to provide additional details on integration plans once the deal closes. Other shoe brands in Caleres' portfolio include Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer, Vionic and Dr. Scholl's Shoes, among others. Last month, the company said first quarter net income for the three months ended May 3 fell to $6.9 million from $30.9 million in the same year-ago period. Net sales were down 6.8 percent to $614.2 million from $6.6 million. Sales were weak in February, while volatility increased in April after President Donald Trump announced reciprocal tariffs on April 2. Caleres also incurred additional costs connected with moving goods and canceled orders related to tariffs. Also impacting the quarter were customer credit issues and/or bad debt at some wholesale accounts, such as the Canadian retail chain Hudson's Bay that ended up shutting all stores and liquidating operations. As for the tariff issue, the company expects to have 10 percent or less sourced from China in the back half of 2025. And like many other brands, Caleres is also selectively raising prices. Coming up, the Jordan brand will be an all-door exclusive for the shoe chain for back-to-school across men's, women's, kids and accessories. And this fall will see the first shoe collection for Favorite Daughter, which will be launched with Caleres under a new licensing agreement. The Weitzman brand was launched in 1986, initially as a women's shoe brand that later expanded to include men's footwear, as well as handbags. Tapestry acquired the brand in 2015 from private equity firm Sycamore partners in a transaction valued at $574 million. The shoe firm became part of Sycamore's portfolio after it acquired Jones Group Inc. for $1.2 billion in 2014. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
30-06-2025
- Business
- Business Wire
Caleres Announces Amendment and Extension of Credit Agreement
ST. LOUIS--(BUSINESS WIRE)--Caleres (NYSE: CAL) ( today announced it has entered into an amendment of its credit agreement, which extends its senior secured asset-based revolving credit facility to June 2030. The company's borrowing capacity under the agreement will increase by $200 million to $700 million, and the agreement includes an accordion feature, which allows the company to request an increase in the size of the facility to $950 million in the aggregate. 'The expanded facility provides Caleres with enhanced liquidity and flexibility, and further strengthens the balance sheet,' said Jack Calandra, senior vice president and CFO of Caleres. 'In the near term, after continuing to pay our dividend, Caleres' capital allocation priorities are to complete the acquisition of Stuart Weitzman and invest in our growth vectors. Longer term, we will balance our investment priorities with debt reduction and returning capital to shareholders.' Bank of America, N.A. is the administrative agent, collateral agent and lead issuing bank. Truist Bank, Wells Fargo Bank and U.S. Bank served as the joint lead arrangers and joint bookrunners. Fifth Third Bank, Regions Bank and TD Bank also participated in the credit facility. About Caleres Caleres is a market-leading portfolio of global footwear brands that includes Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer and Vionic and more. Our products are available virtually everywhere - in the nearly 1,000 retail stores we operate, in hundreds of major department and specialty stores, on our branded e-commerce sites and on many additional third-party retail platforms. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is nearly 150 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit to learn more about us.
