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News > Companies
Madden mulls options
October 2, 2000: 8:35 a.m. ET

Footwear designer retains Bear Stearns to find 'strategic alternatives'
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NEW YORK (CNNfn) - Footwear designer Steven Madden Ltd. said Monday it has retained a Wall Street banking firm to assist in exploring "strategic alternatives," Street parlance for a possible buyout.

The Long Island City, N.Y.-based fashion shoe designer and wholesaler, whose shares plummeted into the single digits in June after its founder, Steven Madden, was arrested on securities fraud charges, believes its stock is undervalued.

graphic"The company's excellent financial performance, including 16 consecutive quarters of revenue and profit growth, and the successful expansion of its retail and wholesale businesses, has not been reflected in our recent stock price performance," Charles Koppelman, the company's acting chairman, said.

The company has retained Bear Stearns to assist in identifying alternatives.

In June, the U.S. Securities and Exchange Commission charged Steven Madden with helping to manipulate 22 initial public offerings, including his own firm's 1993 IPO.

Madden faces up to 10 years in prison for each fraud charge, five years on conspiracy charges and 20 years on a money laundering conspiracy charge, plus more than $8 million in fines, if he is convicted on all counts.

Steven Madden Ltd. designs women's footwear sold in the company's own retail stores and in specialty shops and department stores. Madden also owns and runs a retail store under its David Aaron brand and is the licensee for l.e.i. Footwear and Jordache Footwear.

Shares of Steven Madden (SHOO: Research, Estimates) closed down $1.06 to $8.62 Friday. Back to top

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