Could Steve Madden be taking over Betsey Johnson's company? According to SEC filings this week, the shoe retailer bought $27.6 million worth of debt in the zany designer's women's line. Madden already produces handbags and belts for Johnson, and sources speculate the debt purchase could kick-start talks for a deeper venture. In 2007, private equity firm Castanea Partners took a controlling stake in Betsey Johnson for a reported $50 million, but the design company has since defaulted on a $50 million loan. Madden's rep had no comment. - NY Post
Sunday, September 5, 2010
Could Steve Madden be taking over Betsey Johnson's company? According to SEC filings this week, the shoe retailer bought $27.6 million worth of debt in the zany designer's women's line. Madden already produces handbags and belts for Johnson, and sources speculate the debt purchase could kick-start talks for a deeper venture. In 2007, private equity firm Castanea Partners took a controlling stake in Betsey Johnson for a reported $50 million, but the design company has since defaulted on a $50 million loan. Madden's rep had no comment. - NY Post
