Caleres Acquires Men's Footwear Brand Allen Edmonds For $255 Million

Caleres Inc. said that it has acquired men's footwear and accessories brand Allen Edmonds for $255 million. Caleres owns a portfolio of shoe brands including Naturalizer, Sam Edelman, Via Spiga and Dr. Scholl's Shoes. The acquisition, announced late Tuesday, is being funded with cash and revolving credit. Caleres says it will provide more detail about the acquistion during its fourth-quarter conference call, which is currently scheduled for Mar. 21, 2017. Caleres shares are down 1.2% in Wednesday trading, but are up 24% for the past year. The S&P 500 index is up 12.4% for the last 12 months.