Cherokee sells Flip Flop Shops to Bearpaw
Cherokee Global Brands announced on Tuesday the sale of its franchise retail chain Flip Flop Shops to Bearpaw Holdings, LLC.
“We’re pleased with the transaction, which aligns with our strategy to focus on scaling our high-growth brands through global licensed partnerships,” commented Henry Stupp, chief executive officer, in a release.
"We’re confident that Bearpaw Holdings is positioned to realize the full potential of Flip Flop Shops,” hed added.
Flip Flop Shops was founded in 2004 and began franchising in 2008. It currently operates stores throughout the United States, Canada, the Caribbean and South Africa. Brands sold through the retail chain include Reef, Olukai, Havianas, Rainbow and Sanuk.
Bearpaw manufactures and sells women's, men's and childrens footwear in the US and globally through stores and e-commerce. The thirty year old company is based in Citrus Heights, CA.
Cherokee has license and franchise agreements in approximately 80 countries and operates through 20,000 retail doors, as well as e-commerce. Its brands include Cherokee, Carole Little, Tony Hawk Signature Apparel and Hawk Brands, Liz Lange, and Sideout.
Financial terms of the transaction were not disclosed. Proceeds from the sale will go towards paying Cherokee's long term debt.
Cherokee will share its Q1 financial results in a call scheduled for June 14th.
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