The Stride Rite Corporation Announces Renewal of Shareholder Rights Plan

    LEXINGTON, MASS., March 13 /CNW/ - The Stride Rite Corporation (NYSE:  SRR)
announced today that its Board of Directors has adopted a new shareholder
rights plan to replace its existing plan that was scheduled to expire in July

    David M. Chamberlain, the Company's Chairman and CEO, stated, "We are
pleased to announce that the new Plan raises the stock ownership threshold
which triggers the Plan from 10% to 15% and contains a "TIDE" provision, which
requires that independent directors of the Company to consider at least once
every three years whether maintaining the rights plan continues to be in the
best interests of shareholders. The Plan is designed to enhance the Board's
ability to protect shareholder interests and to ensure that shareholders
receive fair treatment in the event any coercive takeover attempt of Stride
Rite is made in the future. The Plan is intended to provide the Board with
sufficient time to consider any and all alternatives to such an action and is
similar to plans adopted by many other publicly traded companies."

    The Stride Rite Corporation markets the leading brand of high quality
children's shoes in the United States. Other footwear products for children
and adults are marketed by the Company under well-known brand names, including
Keds, Sperry Top-Sider, Saucony, Tommy Hilfiger, Robeez, Grasshoppers and
Munchkin. Information about the Company is available on our website - Information about the Company's brands and product
lines is available at,,,, and

For further information:

For further information: The Stride Rite Corporation Frank A. Caruso,
Chief Financial Officer, 617-824-6611

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