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Shoes For Crews® Successfully Completes Sale Transaction to Strengthen Financial Position and Advance Industry Leadership

Company Receives Access to New Money Financing to Invest in New Markets and Product Lines 

 Strengthens Financial Footing Through the Elimination of More Than $300 Million of Debt

 BOCA RATON, Fla., July 1, 2024  –

Shoes For Crews, LLC (together with certain of its affiliates, "Shoes For Crews" or the "Company"), a global leader and pioneer in slip-resistant footwear, today announced that the Company has completed the sale of substantially all of its assets to its first lien secured lenders (the “Sale Transaction”) via a stalking horse credit bid. The Sale Transaction marks the Company’s emergence from its Chapter 11 process.

Through the Sale Transaction, the Company right-sized its capital structure, eliminating more than $300 million of debt and providing the business with operational flexibility to achieve its continued growth targets. The Sale Transaction includes the establishment of a new credit facility that will provide additional capital to support the Company’s growth investments and operational needs.

“This successful transaction marks the start of our next era and provides us with the capacity to invest in growth across key markets and better serve our global customer base with best-in-class products,” said Donald Watros, President and Chief Executive Officer, Shoes For Crews. “As we celebrate our 40th anniversary on strong financial footing, we are introducing more innovative slip-resistant footwear lines to bring each employee home safely.”

Following the close of the Sale Transaction, ownership of Shoes For Crews and its international entities will transfer to a group of top-tier global investment firms (the “Investors”). The Company’s current management team will continue to lead the business. The Investors, with whom Shoes For Crews has enjoyed a longstanding and productive relationship, firmly believe in Shoes For Crews’ business model, growth prospects, and industry leadership, as demonstrated by their significant investment in the Company.

Shoes For Crews’ customers, key vendors, and employees will not be impacted as a result of the Sale Transaction and the Company will continue to deliver its best-in-class slip-resistant footwear to customers around the world. As it looks to the future, the Company is actively enhancing its operational capabilities and developing new product lines to address workers’ needs as it expands into new markets to meet growing customer demand.  


Ropes & Gray LLP and Chipman Brown Cicero & Cole, LLP are serving as legal advisors, Berkeley Research Group, LLC is serving as financial advisor, Solomon Partners Securities, LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Paul Hastings LLP and King & Spalding LLP are serving as legal advisors and Ankura Consulting is serving as financial advisor to the Investors.

About Shoes For Crews®

Shoes For Crews® is a leading designer and manufacturer of slip-resistant footwear, protecting millions worldwide. Headquartered in Boca Raton, Florida, Shoes For Crews® began producing slip-resistant footwear in 1984 with a mission to create a safer workplace. The Company's focus is to deliver best-in-class safety footwear with superior slip-resistant outsole technology, unmatched comfort and on-trend styling through a complete line of slip-resistant footwear designed to bring each employee home safely. For more information, visit

 Media Contacts

C Street Advisory Group