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OLD TOWN – Slippers have held up The Daniel Green Co. since its beginning in 1881, but now the business is selling its two brands to Elan-Polo Inc. of St. Louis for an undisclosed amount.
Daniel Green Co., which also develops and markets casual and dress footwear, should complete the sale of its Daniel Green and L.B. Evans brands of slippers by the end of the year.
About two years ago, Daniel Green purchased the former Penobscot Shoe Co.
Robert Pereira, chief financial officer, said Monday that the company has met with employees to discuss the sale and tell them there is the possibility there would be job layoffs. It is unknown how many people could lose their jobs. A representative from Gov. Angus King’s office has been notified of the company’s changes, he said.
Under the sales agreement, Elan-Polo will buy the remaining inventory and related trademarks of the two brands. Daniel Green will receive payments based on sales of the products over the next four years.
Because it is selling the brand that carries the name of the company, Daniel Green is reviewing new corporate names and will present them to shareholders for approval after the closing of the sale, Pereira said.
James Riedman, chairman and chief executive officer for Daniel Green, said in a statement that the company plans to invest more money in its SoftWalk and Trotters brands of footwear.
“Additionally, through sales proceeds and lessened working capital requirements, this transaction will allow us to pay down the majority of our existing debt,” Riedman said.
For the third quarter ending Sept. 30, Daniel Green (Nasdaq: DAGR) had net sales of $12.9 million, up 15 percent from $11.2 million for the same period in 2000. Total assets are $34.8 million, while total liabilities are $29 million, according to the company’s balance sheet.
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