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St. Louis -- Brown Shoe Co. said Wednesday it has finalized the sale of its And 1 men’s performance and lifestyle brand to Galaxy International for $55 million.
The And 1 brand was part of the $145 million American Sporting Goods acquisition that Brown completed last February in a move to expand its reach into the fitness category.
Brown Shoe said it plans to use the proceeds from the sale of And 1 to pay down debt.
“Our work to align our organization for success is still underway, as we continue to evaluate our remaining businesses,” said Diane Sullivan, president and CEO of Brown Shoe Co.