Allen Edmonds joins Caleres

Paul Grangaard

President and CEO

December 13, 2016 — When your beloved company is owned by a private equity investment firm, you know it's only a "question of when" you'll be sold, typically to a "strategic buyer" (i.e. a company that's already in the same industry). That day has finally arrived. This afternoon, we announced that Allen Edmonds has been acquired by Caleres of St. Louis, Missouri. All of us in the Leadership Team who've been working on this combination at Allen Edmonds are absolutely thrilled with this next historic step for our 95 year old company.

Caleres is an excellent fit as the new owner for Allen Edmonds. We like their management and the company's culture. They understand and are committed to building our brand and will take a long term perspective in doing it. They also have a long and historic Midwestern-based heritage. And they appreciate the immense value in the marketplace of our USA manufacturing capacity. They treat their people right, too.

Our conversations with Caleres have been all about growing our business and enhancing the brand and the product line. We're lucky that we will be their main brand in the men's business, which means we have nothing but daylight in front of us going forward. No constraints or conflicts from other portfolio brands. There's so much potential!

Diane Sullivan, the CEO of Caleres is also betting on our Leadership Team's experience and capabilities, and we're all staying to build this company with her into the future. This acquisition is a great development in all regards! Very exciting stuff!

You'll hear more about us going forward. Stay tuned and thanks for your support of American manufacturing and Allen Edmonds.

~ Paul Grangaard

President and CEO