Philanthropic brand Toms Shoes proved as vulnerable to the retail apocalypse as any legacy mall-based brand, agreeing to an out-of-court restructuring more than a week ago.
Toms Shoes was saddled with a roughly $300 million loan due in 2020, according to credit rating agency Moody’s Investors Service. That debt was acquired when founder Blake Mycoskie sold half of his business to private equity firm Bain Capital in 2014, a transaction that reportedly valued the company at $625 million.
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