{"id":501559,"date":"2021-06-07T17:08:06","date_gmt":"2021-06-07T21:08:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/"},"modified":"2021-06-07T17:08:06","modified_gmt":"2021-06-07T21:08:06","slug":"weyco-acquires-forsake-brand","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/","title":{"rendered":"Weyco Acquires Forsake Brand"},"content":{"rendered":"
\n

MILWAUKEE, June 07, 2021 (GLOBE NEWSWIRE) — Weyco Group, Inc. (NASDAQ: WEYS) (the \u201cCompany\u201d) today announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (\u201cForsake\u201d), a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $2.5 million, plus contingent payments paid annually over a period of five years, depending on Forsake achieving certain performance measures. At the acquisition date, the Company\u2019s preliminary estimate of the discounted fair value of the contingent payments is approximately $1.75 million in total. The transaction was funded with the Company\u2019s available cash.<\/p>\n

Forsake will join BOGS in forming Weyco Group\u2019s outdoor division, headquartered in Portland, Oregon. Specializing in modern outdoor footwear, Forsake serves a quickly growing segment of the market that isn\u2019t directly served by an existing Weyco brand. Forsake\u2019s hiking shoes and sneakerboots with all-weather protection, rugged construction and versatile styling have captured a segment of a growing number of outdoor enthusiasts that demand something other than traditional hiking boots. Forsake\u2019s co-founders, Jake Anderson and Sam Barstow, have joined the Weyco team and will continue to lead the Forsake business going forward.<\/p>\n

\u201cWe are excited to add a new outdoor footwear brand to our portfolio here at Weyco,\u201d stated Thomas W. Florsheim, Jr., the Company\u2019s Chairman and CEO. \u201cThe acquisition of Forsake is a great strategic fit for Weyco as we continue to build our presence in the outdoor footwear market around the globe.\u201d<\/p>\n

\u201cWe are pleased to join the Weyco family and believe its infrastructure, including its design, sourcing, distribution, and e-commerce capabilities, will accelerate our business to new heights,\u201d stated Jake Anderson, co-founder of Forsake.<\/p>\n

\n About Weyco Group<\/u>
\n
Weyco Group, Inc., designs and markets quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, and Rafters. The Company\u2019s products can be found in leading footwear, department, and specialty stores, as well as on e-commerce websites worldwide. Weyco Group also operates Florsheim stores in the United States and Australia, as well as in a variety of international markets.<\/p>\n

\n About Forsake<\/u>
\n
Forsake, Inc. is known for reinvigorating the sneakerboot category, creating footwear that can be used year-round for any activity, no matter the elements. The rugged performance qualities of a boot meet a stylish aesthetic, and tout an amazing grip and tread, waterproofness, breathability and more. Its Peak-to-Pavement\u00ae philosophy combines all-weather protection, rugged construction, and versatile styling to deliver footwear that\u2019s prepared for whatever adventures await outside your door. Forsake is Climate Neutral Certified. Forsake products are sold in outdoor specialty stores as well as on e-commerce websites throughout North America.<\/p>\n

\n Forward-Looking Statements<\/u>
\n
This press release contains certain forward-looking statements within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of Weyco Group to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company\u2019s ability to: (i) successfully integrate and operate acquired businesses and product lines; (ii) successfully market and sell its products in a highly competitive industry and in view of changing consumer trends, consumer acceptance of products and other factors affecting retail market conditions; (iii) procure its products from independent manufacturers; and (iv) other factors, including those detailed from time to time in Weyco Group\u2019s filings made with the SEC. Weyco Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.<\/p>\n

For more information, contact:<\/p>\n

John Wittkowske
Senior Vice President and Chief Financial Officer
414-908-1880<\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MILWAUKEE, June 07, 2021 (GLOBE NEWSWIRE) — Weyco Group, Inc. (NASDAQ: WEYS) (the \u201cCompany\u201d) today announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (\u201cForsake\u201d), a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $2.5 million, plus contingent payments paid annually over a period of five years, depending on Forsake achieving certain performance measures. At the acquisition date, the Company\u2019s preliminary estimate of the discounted fair value of the contingent payments is approximately $1.75 million in total. The transaction was funded with the Company\u2019s available cash. Forsake will join BOGS in forming Weyco Group\u2019s outdoor … <\/p>\n

Continue reading “Weyco Acquires Forsake Brand”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-501559","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWeyco Acquires Forsake Brand - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weyco Acquires Forsake Brand - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MILWAUKEE, June 07, 2021 (GLOBE NEWSWIRE) — Weyco Group, Inc. (NASDAQ: WEYS) (the \u201cCompany\u201d) today announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (\u201cForsake\u201d), a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $2.5 million, plus contingent payments paid annually over a period of five years, depending on Forsake achieving certain performance measures. At the acquisition date, the Company\u2019s preliminary estimate of the discounted fair value of the contingent payments is approximately $1.75 million in total. The transaction was funded with the Company\u2019s available cash. Forsake will join BOGS in forming Weyco Group\u2019s outdoor … Continue reading "Weyco Acquires Forsake Brand"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-07T21:08:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Weyco Acquires Forsake Brand\",\"datePublished\":\"2021-06-07T21:08:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/\"},\"wordCount\":632,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/\",\"name\":\"Weyco Acquires Forsake Brand - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=\",\"datePublished\":\"2021-06-07T21:08:06+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=\",\"contentUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/weyco-acquires-forsake-brand\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Weyco Acquires Forsake Brand\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Weyco Acquires Forsake Brand - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/","og_locale":"en_US","og_type":"article","og_title":"Weyco Acquires Forsake Brand - Market Newsdesk","og_description":"MILWAUKEE, June 07, 2021 (GLOBE NEWSWIRE) — Weyco Group, Inc. (NASDAQ: WEYS) (the \u201cCompany\u201d) today announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (\u201cForsake\u201d), a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $2.5 million, plus contingent payments paid annually over a period of five years, depending on Forsake achieving certain performance measures. At the acquisition date, the Company\u2019s preliminary estimate of the discounted fair value of the contingent payments is approximately $1.75 million in total. The transaction was funded with the Company\u2019s available cash. Forsake will join BOGS in forming Weyco Group\u2019s outdoor … Continue reading \"Weyco Acquires Forsake Brand\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/","og_site_name":"Market Newsdesk","article_published_time":"2021-06-07T21:08:06+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Weyco Acquires Forsake Brand","datePublished":"2021-06-07T21:08:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/"},"wordCount":632,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/","name":"Weyco Acquires Forsake Brand - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=","datePublished":"2021-06-07T21:08:06+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#primaryimage","url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI=","contentUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODI1MDI1NSM0MjI4NzQyIzIwMDU4NDI="},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/weyco-acquires-forsake-brand\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"Weyco Acquires Forsake Brand"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/501559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=501559"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/501559\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=501559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=501559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=501559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}