Ontario-based Town Shoes Ltd. has acquired the majority of assets of Vancouver’s financially troubled Sterling Shoes Limited Partnership, including 69 retail locations operating under the Sterling Shoes, Shoe Warehouse and Freedman banners.
Sterling Shoes Inc. announced the completion of the sale this morning.
The deal, valued at approximately $17.5 million, was announced April 16.
In a statement, Sterling Shoes LP president and CEO Dave Alves called the transaction “the best possible outcome for the business.”
Town Shoes CEO Alan Simpson also voiced satisfaction with the deal.
“Combining the operations of Town Shoes and Sterling will increase our position as the number one branded footwear retailer in Canada,” he said in a statement.
In October 2011, Sterling’s financial woes became apparent as the company sought creditor protection and restructured. In December 2011, Sterling announced that it was closing 53 stores in B.C., Alberta and Ontario.
At the time, the company announced it would continue with five Freedman Shoes stores, 72 Shoe Warehouse locations and 28 Sterling Shoes stores.
