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H.H. Holdings acquires Craddock for $31 million
H.H. Holdings, Inc., a privately held Delaware corporation headed by Alan Salke, last Wednesday acquired 100 percent ownership of Craddock-Terry Shoe Corp.
The transaction, recently approved by Craddock-Terry shareholders, carried a purchase price of $20 a share for 1.55 million common shares outstanding, or about $31 million (see FN 4/21).
Following the closing of the deal in New York, Salke, who has a variety of business experience, much of it in the apparel sector, conducted a board meeting where members approved a series of measures designed to streamline the company and cut costs.
Those measures include an immediate 4 percent cutback in the firm's work force. A total of 73 employees were terminated, and an additional 22 workers are being laid off due to seasonal slackening in the company's business. The workers who are being laid off due to the cyclical nature of the footwear industry will be called back according to need.
Craddock-Terry management said it does not foresee additional …