PORT WASHINGTON -- One of Wisconsin's long-standing businesses has been bought. But Port Washington's mayor says -- this is a good thing.
Mayor Tom Mlada discussed some big business news on Wednesday, December 14th following word of a significant sale. On Tuesday, the St. Louis footwear company Calares Inc. announced its purchase of Port Washington-based Allen Edmonds Shoe Corporation.
Allen Edmonds employs a little more than 1,000 people. Nearly 500 of them work in Port Washington where the mayor expects them to stay.
Diane Sullivan, CEO, president and chair of Calares issued the following statement:
"We're also eager to explore their manufacturing resources, as we continue to focus on our ability to increase our speed to market."
The sale price is tagged at $255 million. But beyond the money, Mayor Mlada described the broader impact this transaction will have on the city.
"I'm really hopeful for the future; that this is going to mean extraordinary things for, really, the expansion of that Allen Edmonds brand -- and what that means to all of us as it continues to grow. Again, not only around the country, but globally," Mlada said.
In 2013, Allen Edmonds was purchased by a private equity firm based out of Los Angeles. So this is the second sale of the company in just a few years. Mayor Mlada hopes this offers the workforce improved stability.