RG Barry a Step Closer to Being Sold?

Dearfoams slippers are one of RB Barry's biggest accessories brands

Dearfoams slippers are one of RB Barry’s biggest accessories brands

Pickerington, OH—Is RG Barry Corp., owners of Dearfoams, baggallini and Foot Petals brands, closer to going private? Could be.

The company announced today it had entered into a non-disclosure standstill agreement with Mill Road Capital Management for the purchase of the company.

Mill Road Capital, which already owns an 8.57% stake in RG Barry, reportedly made the offer believing that RG Barry would be better able “to realize its full potential as a private entity.”

Mill Road has argued that RG Barry, which plans to continue growing through acquisitions, has been slow to deliver results to investors and that remaining publicly traded would result in regulatory costs and other expenses disproportionate to the size of the business.

RG Barry’s board of directors had already agreed to Mill Road’s due diligence request for its non-binding bid to acquire the company.

However, RG Barry also noted that it has “not made any decision” with respect to the proposal, adding: “There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the proposed transaction or any other transaction will be approved or consummated.”

 

 

 

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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com