Brown Shoes to move Madison, Wis. employees to St. Louis headquarters
April 10, 2008: 05:02 PM ESTSAN FRANCISCO, Apr. 10, 2008 (Thomson Financial delivered by Newstex) -- Brown Shoe Co. (NYSE:BWS) said late Thursday it will move employees from its Madison, Wis.-based retail division to its headquarters in St. Louis.
All 270 Madison-based employees will be offered jobs and relocation assistance, the company said.
Brown Shoe expects the relocation of employees to St. Louis to begin during the second quarter and be substantially complete by the end of the third quarter.
The company expects pre-tax expenses of $2 million to $30 million, or 37 cents to 44 cents a share, related to the relocation.
Brown Shoe owns a 12-acre property in St. Louis County's City of Clayton, which houses its current headquarters and 650 employees, and two adjacent office buildings not currently in use.
The company's shares closed at $15.85.
Gabriel Madway Copyright Thomson Financial News Limited 2007. All rights reserved.
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