LaCrosse Footwear, Inc. is an American company based in Portland, Oregon. Founded in 1897 in La Crosse, Wisconsin, the footwear company moved to Oregon in 2001 where its Danner Boots subsidiary was based. In 2012, the company, which previously had been publicly traded, was bought by Japanese-based ABC-Mart.
 | |
| Company type | Subsidiary |
|---|---|
| Nasdaq: BOOT | |
| Industry | Footwear |
| Founded | 1897, in La Crosse, Wisconsin |
| Headquarters | 2001 Portland, Oregon, United States |
| Products | Boots |
| Parent | ABC-Mart |
| Website | www.lacrossefootwear.com/ |
The company manufactures boots and other footwear primarily for use in agriculture, hunting, construction, and the outdoors.[1] Other products include rubber boots for farm and hunting, all manufactured in Asia.[1]
History
edit
LaCrosse was established in Wisconsin in 1897 as the La Crosse Rubber Mill in the city of La Crosse.[2] The company became the largest employer in that city in 1930.[2] In 1994, the company acquired Portland, Oregon-based Danner Boots in a merger that was expected to create a company with an annual revenue of $100 million.[1] A month later the company announced plans for an initial public offering (IPO) worth up to $24 million in order to help purchase Danner.[3] At the time, LaCrosse had annual sales of $82 million.[3]
The IPO went ahead in April 1994, raising nearly $18 million with a stock symbol of BOOT. LaCrosse bought footwear maker Lake of the Woods in June 1997 for $6.5 million.[4] Company revenues had grown to $138 million for fiscal year 2000.[1][5] The company closed its US-based manufacturing for the namesake brand in July 2001, and later that year moved its headquarters to Portland in order to consolidate operations and take advantage of the concentration of shoe companies in the Portland metropolitan area.[1][6] Later that year, it also reported the first quarterly profit since 1999.[7] In 2010, LaCrosse opened a new factory in Portland for its Danner brand,[8] which helped it earn a contract with the U.S. Department of Defense in September 2011 for making boots for the Marine Corps.[9][10]
In July 2012, ABC-Mart (Japanese: エービーシー・マート) purchased LaCrosse for $20 per share.[10][11] ABC-Mart, a Tokyo-based retailer, had approximately 800 stores in Japan, Taiwan, and South Korea.[8] LaCrosse hoped to use those distribution channels to expand their brand in Japan where the company's American made boots were popular.[11] At the time of the announcement, LaCrosse had 300 employees in Portland,[12] and no layoffs were expected.[10] The deal was finalized in August, with LaCrosse then becoming a private subsidiary of ABC-Mart/Japan.[13] President and CEO Joseph Schneider then left the company in September 2012.[13]
References
edit- ^ a b c d e Goldfield, Robert (August 2, 2001). "Shoe company LaCrosse moves to Portland". Portland Business Journal. Retrieved 7 July 2012.
- ^ a b "Our History". Company. LaCrosse Footwear. Archived from the original on 10 May 2012. Retrieved 11 July 2012.
- ^ a b Sandler, Larry (February 22, 1994). "LaCrosse plans public offering". The Milwaukee Sentinel. p. D1. Retrieved 11 July 2012.
- ^ "LaCrosse Footwear to purchase Lake of the Woods for $6.5 million". The Business Journal. June 25, 1997. Retrieved 11 July 2012.
- ^ "Shoe Company Merger". The New York Times. January 26, 1994. Retrieved 11 July 2012.
- ^ "LaCrosse Footwear moving HQ to Portland". The Business Journal. August 1, 2001. Retrieved 11 July 2012.
- ^ "LaCrosse Footwear steps into the black". The Business Journal. October 15, 2001. Retrieved 11 July 2012.
- ^ a b Stevens, Suzanne (July 6, 2012). "LaCrosse Footwear to be acquired for $138M". Portland Business Journal. Retrieved 7 July 2012.
- ^ Siemers, Erik (September 26, 2011). "LaCrosse receives $15.4M order from Marines". Portland Business Journal. Retrieved 7 July 2012.
- ^ a b c Brettman, Allan (July 6, 2012). "LaCrosse Footwear deal hinged on share price, ability to expand in Asia". The Oregonian. Retrieved 7 July 2012.
- ^ a b Siemers, Erik (July 6, 2012). "Already big in Japan, LaCrosse sale could make it bigger". Portland Business Journal. Retrieved 7 July 2012.
- ^ Brettman, Allan (July 5, 2012). "Japan-based shoe retailer announces agreement to purchase LaCrosse Footwear of Portland". The Oregonian. Retrieved 7 July 2012.
- ^ a b Brettman, Allan (October 1, 2012). "Top executives depart LaCrosse Footwear, Inc". The Oregonian. Retrieved October 1, 2012.