Latest news with #SkechersUSA
Reuters
6 days ago
- Business
- Reuters
Skechers shareholder sues footwear maker for details on $9.4 billion 3G buyout
May 30 (Reuters) - A Skechers USA (SKX.N), opens new tab shareholder has sued the footwear maker for more details about its $9.4 billion buyout by private equity firm 3G Capital, saying the decision by Skechers' founder and controlling shareholder to sell raises "red flags." According to a complaint filed on Thursday in Los Angeles federal court, founder Robert Greenberg and his family, who hold about 60% of Skechers' voting power, appear to have "controlled the sales process to a single bidder and deprived the minority stockholders of any legitimate bidding process." Florida-based Key West Police Officers & Firefighters Retirement Plan said the buyout should not close until Skechers makes required disclosures with the U.S. Securities and Exchange Commission to help shareholders decide if the terms are fair. The complaint cited a Reuters article in which Needham analyst Tom Nikic called the buyout "very surprising" because Skechers was considered a family business, and sources said the Greenbergs eschewed an auction because of their long ties to 3G. Known for comfort-first sneakers, Skechers is the world's third-largest footwear maker. Skechers spokeswoman Jennifer Clay declined to comment on Friday, saying the Manhattan Beach, California-based company does not discuss pending litigation. The vast majority of large U.S. corporate mergers are challenged in court. Lawsuits seeking greater disclosures often end with defendants paying legal fees to plaintiffs' lawyers, and plaintiffs recovering nominal payouts or nothing. According to a regulatory filing, Greenberg, 85, could collect more than $1 billion from the buyout, which is scheduled to close in the third quarter. The buyout values Skechers at $63 per share in cash, 20% below its 52-week high of $78.82 set on January 30. Like other footwear makers including Nike (NKE.N), opens new tab, Skechers faces pressure from U.S. President Donald Trump's tariffs. Many Skechers' products come from China, and the company withdrew its full-year financial guidance in April. Brazil-based 3G is known for stringent cost-cutting, including at such companies as Anheuser-Busch InBev ( opens new tab and Kraft Heinz (KHC.O), opens new tab. The case is Key West Police Officers & Firefighters Retirement Plan v Skechers USA Inc et al, U.S. District Court, Central District of California, No. 25-04863.
Daily Mail
18-05-2025
- Lifestyle
- Daily Mail
Kick off summer with these Skechers sandals that users say feel like 'walking on air!' - Now 61% OFF!
Summer just got a whole lot cuter — and a whole lot comfier! World-renowned brand Skechers is back again with another stylish pair of shoes that are the peak example of what you get when you put comfort and fashion together. The Skechers Slip Ins Ultra- Flex Washable Knit Sandals have over 1,000 5-star reviews on QVC, with users saying they feel like walking on air!' The sleek and chic sandals are perfect for women of all ages, and right now, they are majorly on sale for 61 percent off! Skechers Slip Ins Ultra- Flex Washable Knit Sandals Take comfort to the next level with these ultra-lightweight slip-on sandals. Built with machine washable fabric, these shoes will keep up with all of lives curveballs. They come in several adorable colors including navy, red, and sage. Right now these best-selling summer slip-ons are a whopping 61 percent off on QVC! $27 (was $70) Shop The Skechers Slip Ins Ultra- Flex Washable Knit Sandals come in five different colors including black, red, navy, sage, and off-white. They offer many sizes as well, including a range of extra medium sizes that provide extra room for those with wide feet. Users attest to the fit being spot on saying: 'Love these shoes! Great fit, great comfort — I have three colors now. Also, great foot support, super cushiony!' Comfort is key when it comes to picking a shoe that can withstand anything life throws at you, especially during hot summer months. Luckily, Skechers is known for its commitment to making the most comfortable and practical shoes possible. This means that not only are you getting an incredible price, but you're getting your bang for your buck with so many users saying: 'I got these shoes home and immediately sent for another! I'll wear these all summer, very comfortable and cute!' When choosing the Skechers Slip Ins Ultra- Flex Washable Knit Sandals, you're not just choosing a shoe — you are choosing a lifestyle. These endlessly soft sandals are designed to bridge the gap between style and ease with yoga foam cushioning and one of a kind Heel Pillow technology. Users love how versatile the sandals are, with one saying: 'Love these sandals! Bought the navy blue and wore them during the summer with just about everything. They are extremely comfortable.' Ready for us to sweeten the deal even more? These bad boys are machine washable, making them the perfect selection for any lifestyle. No matter what you get into, a quick machine wash and air drying will do the trick and keep your sandals looking clean for years to come. If you're someone who is constantly on their feet or just someone who can't resist an insanely great deal, then these $27 Skechers Slip Ins Ultra- Flex Washable Knit Sandals are going to be your perfect fit.
Business Mayor
11-05-2025
- Business
- Business Mayor
PE investor 3G buys Skechers in $9.4bn deal
Investment firm 3G Capital will acquire footwear maker Skechers USA for USD 9.4 billion – the footwear industry's biggest buyout to date – as the shoe brand grapples with the impact of steep US tariffs. The transaction is expected to close in Q3 of 2025, the company said in a statement on Monday. The deal will be financed through a combination of cash provided by 3G Capital as well as debt financing that has been committed by JPMorgan Chase Bank. Before the deal was announced, Skechers had a market value of about USD 7.4 billion. It brought in USD 9 billion in revenue last year. Shares of the shoe company rose as much as 25% on Monday in New York. Skechers will continue to be led by its CEO, Robert Greenberg. After the deal, Skechers will become a private company. Skechers, founded by Greenberg in 1992, has focused on less-flashy sectors of the footwear market, with comfortable styles. 3G, the New York-based private equity firm, has a reputation of doing few but large deals. Founded in 2004, it made its first splash by acquiring Burger King in 2010. READ SOURCE
Time of India
06-05-2025
- Business
- Time of India
PE investor 3G buys Skechers in $9.4bn deal
Investment firm 3G Capital will acquire footwear maker Skechers USA for USD 9.4 billion - the footwear industry's biggest buyout to date - as the shoe brand grapples with the impact of steep US tariffs. The transaction is expected to close in Q3 of 2025, the company said in a statement on Monday. The deal will be financed through a combination of cash provided by 3G Capital as well as debt financing that has been committed by JPMorgan Chase Bank . Before the deal was announced, Skechers had a market value of about USD 7.4 billion. It brought in USD 9 billion in revenue last year. Shares of the shoe company rose as much as 25% on Monday in New York. Skechers will continue to be led by its CEO, Robert Greenberg . After the deal, Skechers will become a private company. Skechers, founded by Greenberg in 1992, has focused on less-flashy sectors of the footwear market, with comfortable styles. 3G, the New York-based private equity firm, has a reputation of doing few but large deals. Founded in 2004, it made its first splash by acquiring Burger King in 2010.
Yahoo
05-05-2025
- Business
- Yahoo
Southern California footwear giant acquired for $9.4 billion
Manhattan Beach-based Skechers USA announced Monday that it was being acquired by 3G Capital, a global investment firm, in a deal valued at approximately $9.4 billion. The sale will see the iconic footwear company become privately held, with 3G Capital paying $63 per share in cash. Skechers, known primarily for its casual and athletic shoes, was founded by Robert Greenberg in 1992. It has grown to become the third-largest footwear brand in the United States and has over 5,300 stores around the world. Its headquarters will remain in Manhattan Beach at its campus on the 3300 block of Sepulveda Boulevard, the company said. 'Over the last three decades, Skechers has experienced tremendous growth. Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners,' Greenberg, who remains CEO, said in a statement. 'With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital.' Greenberg and the rest of the current management team will continue to run the business, the company said. 'We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert's caliber and the talented Skechers team,' said Alex Behring, co-founder of 3G Capital. 'Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built and look forward to supporting the company's next chapter.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
