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Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion footwear and accessories for women, men and children, today announced that it has received inquiries from third parties with respect to an acquisition of the Company and shareholder communications urging that the Company explore alternatives to enhance shareholder value. The Board of Directors has determined to evaluate strategic alternatives available to the Company and, to this end, has formed a Strategic Review Committee of the Board comprised of three independent directors, Peter Migliorini, Richard P.
Randall and Walter Yetnikoff, with Mr. Yetnikoff serving as Chairman. The
Committee has been charged, among other things, with the responsibility for
evaluating any potential transaction, with any transaction recommended by
the Committee to be considered by the full Board of Directors. The Strategic Review Committee has retained Peter J. Solomon & Company, which
has previously provided consulting services to the Company, as its financial advisor, and Weil, Gotshal & Manges LLP as its independent legal counsel.
Strategic Review Committee has retained Peter J. Solomon & Company, which has previously provided consulting services to the Company, as its financial advisor, and Weil, Gotshal & Manges LLP as its independent legal counsel.
There can be no assurance that this process will result in any changes to the Company's current plans. The Company does not expect to disclose further developments regarding the process until the review of strategic alternatives has been completed.
Steven Madden, Ltd. designs and markets fashion-forward footwear and accessories for women, men and children. The shoes and accessories are sold through company-owned retail stores, department stores, apparel and footwear specialty stores, and online at http://www.stevemadden.com. The Company has several licenses for its brands, including dresses, outerwear, cold weather accessories, eyewear, and girls apparel and owns and operates 100 retail stores, including its online store. Through its wholly-owned subsidiary, Daniel M. Friedman & Associates, the Company is the licensee for Betsey Johnson handbags and belts, Ellen Tracy belts, and Tracy Reese handbags and belts.
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