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Skechers Shoes Takes Next Big Step with Planned IPO

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Skechers Shoes Takes Next Big Step with Planned IPO CIRCULATION: MONDAY, AUGUST 17, 1998 DAILY 25¢ 1,095,007 DAILY 1,385,373 SUNDAY COPYRIGHT 1998/THE TIMES MIRROR COMPANY /F/CC†/84 PAGES DESIGNATED AREAS HIGHER Skechers Shoes Takes Next Big Step With Planned IPO Georgia World Congress Center in CALIFORNIA DEALIN' Atlanta. Last year, it opened a store in ••••••••••••••••••••••••••••••••••••• DEBORA VRANA New York’s Times Square. “Robert Greenberg was there way Skechers sells ahead of the game with the ‘brown shoe’ 600 styles of trend. They achieved a pretty strong obert Greenberg isn’t waiting shoes, including market presence in a very short period of for the other shoe to drop. sandals, boots time. He’s a genius when it comes to shoe He’s in the middle of design,” said Lloyd Greif, head of Greif & structuring a first-time stock and sneakers. Co., a Los Angeles investment bank. Roffering for the second hip shoe company Its bold designs “Skechers has been his baby since day he has founded in the last two decades. are aimed at 12-to one.” Manhattan Beach-based Skechers 25-year-olds. Skechers says it might expand next USA Inc., the shoemaker he co-founded in LORI SHEPLER / Los Angeles Times year into clothes, offering a line of active 1992 with his son Michael, has filed with wear. the Securities and Exchange Commission It’s still a family business. Michael, for an initial public offering, or IPO, up year, according to the company’s SEC cyclical business of retail, especially for 35, is the company’s president and owns to $115 million. filing. shoemakers, can be a dangerous one. It is 10% of it; three other sons, Jason, 28, Greenberg helped start L.A. Gear in Popular with Gen-Xers and a trendy industry vulnerable to seasonal Jeffrey, 30, and Scott, 38, are also Santa Monica in 1979 and bought out his professionals alike and well-known to fluctuations, and shoe sales rise and fall involved as vice presidents. Robert partner in 1986 when the company went almost anyone under 30, Skechers is quickly, bringing down entire companies. Greenberg, who is chairman and chief public, but he left in 1992 amid financial riding the active-wear trend it has helped Even the $12-billion U.S. sneaker executive, owns 65% of the company; he losses and sagging sales, due in large part create. The name originates from street business has been hit hard recently as received no annual salary last year but got to the California recession. In mid-June, lingo, in which a “skecher” is an energetic many companies switch from “white a bonus of $1.6 million. Michael made a L.A. Gear received approval for its person who can’t sit still. shoes,” or sneakers, to “brown shoes,” or $300,000 salary. Chapter 11 bankruptcy reorganization Skechers designs shoes “with the active wear. Stock prices of industry The IPO is expected to be sold in plan; its once-highflying stock became active, youthful lifestyle of the 12-to-25- leaders such as Reebok International and October and trade on the New York Stock worthless. year-old age group in mind.” It sells Nike have had a rocky year as sales have Exchange. But business at Skechers is booming, about 600 shoe styles with an edgy look, suffered. Debora Vrana covers investment banking for The Times. with 26 stores nationwide and, for the including its popular Logger Boots, In April, Skechers took over a 54,000- She can be reached at [email protected]. quarter ended in March, a sales increase of sneakers with chunky soles, and sandals. square-foot space long occupied by Nike 117% compared with the same period last Still, as L.A. Gear’s troubles show, the at an athletic shoe trade show held at the .
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