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Deckers, owner of the boots and apparel brand UGG, announced it has initiated a process to review a broad range of strategic alternatives, which may include a sale or other transactions.
The company said it has retained Moelis & Company as its financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation, as its legal counsel to assist in the review process.
“We have made significant progress in streamlining our cost structure, optimising our retail store fleet, and realigning our brands, with the goal of improving profitability,” said Dave Powers, President and CEO, Deckers. “The management team continues to remain focused on driving improvements in the business through our recently announced US$150 million savings program. We are also continuing to explore additional margin enhancing opportunities and plan to further articulate more details on our upcoming year-end earnings call on May 25, 2017”, he added.
Advisors Red Mountain Capital Partners is said to have recently advised Deckers to explore a sale following the underperformance of its stock across all major indices over the past three to five years.