Gloversville, NY—Grandoe, the 100+-year-old glove and casual footwear supplier, has sold off much of its assets to Totes-Isotoner.
“We are pleased to announce that the Grandoe, Cire and Smartdogs brands have recently become part of the Totes-Isotoner family of brands,” states the Grandoe website, noting that website is down for maintenance and will reappear as soon as part of the Totes family.
Terms of the deal were undisclosed and executives from both companies were unavailable for comment.
But according to a report in the Gloversville Leader-Herald, Eric Friedman, Grandoe’s president/ceo, said due to a confidentiality agreement further detail would be unavailable until sometime in July.
“Totes-Isotoner is the company that has acquired certain assets of the business; specifically, those assets are confidential and I’m not allowed to talk about them,” Friedman said. “Even though we have sold off certain assets, we still have things we have to take care of here. We still have a product here we have to sell.”
‘Business Continues in a Different Form’
The approximately 30 employees still working for Grandoe will continue to fulfill orders already in the pipeline but eventually, as Cincinnati-based Totes-Isotoner takes over the fulfillment, the workers will be laid off.
“Grandoe products are going to be prevalent in the market this fall just as they always have been, and the only difference is they will be serviced from inventory we already built and new inventory that is being built by Totes-Isotoner to cover all the orders that we have booked with our customers,” Friedman said. “The business is continuing on. It is just going to be in a different form.”
Founded in the late 1800 in what was once a thriving center for glove making and other leathergoods, Grandoe was one of the few original glovemakers left in Gloversville. The company had continued under the ownership and direction of the fourth and fifth generations of its founding family.
Grandoe is well known for its luxurious dress and casual street gloves, which are sold under the Ciré by Grandoe and Grandoe brand names to major department stores, specialty apparel chains and independent specialty stores. It also has a strong tradition of producing premium high performance ski, snowboard, outdoor, and utility gloves, featuring the latest technological advances.
In recent years, Grandoe expanded into casual footwear market under the Smartdogs brand in slippers as well as the Hush Puppies brand.