Reichman and Holczer Purchase Mortt Distributors, Inc.; Apparel Executives, Formerly Colleagues, Team Up to Acquire Six-Store Shoe Retailer

Business Wire, Sept 23, 2002

Business Editors

MANCHESTER, N.H.--(BUSINESS WIRE)--Sept. 23, 2002

Mortt Distributors, Inc., a privately owned operator of six family shoe stores specializing in brand name dress, casual, work and athletic shoes for men, women and children, announced its acquisition by Joel Reichman of Marblehead, Massachusetts, and Geoffrey Holczer of Newton, Massachusetts. The company operates BeeBee Shoes in Manchester, New Hampshire: Mortt's Shoes in Worcester, Salem and Norwood, Massachusetts and Keene, New Hampshire; and Dunham Footwear in Lake George, New York. The company was founded in 1962 by Morton Rosen, who remains as a consultant. Terms of the transaction were not disclosed.

Reichman (52) began his career with the Gap and spent 25 years with Designs, Inc. a publicly held specialty retailer marketing Levi Strauss merchandise, where he was President and CEO. He will serve as President of Mortt's. Holczer (53), a graduate of Harvard Business School, began his career with Price Waterhouse & Co. He has more than 20 years of retailing experience with the Stop & Shop Companies and Designs, Inc. where he was CFO. Holczer was named Chief Financial Officer of Mortt's.

"This is an exciting opportunity to join forces again with Geoff Holczer and leverage our combined apparel retailing experience," said Reichman. "We plan to narrow the number of brands carried in the stores and to introduce brands that are popular with younger customers, while continuing to service our loyal customer base."

New merchandise from Steve Madden, Candies and L.E.I. has already been added. The stores will continue to focus on key brands of athletics such as New Balance, Nike, Reebok and Adidas; mens shoes from Rockport, Merrell, Sperry, and Skechers; mens Workboots from Dunham, Wolverine, Chippewa, Magnum Hi-Tec and Columbia; womens shoes from Merrell, Skechers, Mootsie Tootsie, Aerosoles and Propet; and childrens shoes from Stride Rite, Mootsie Tootsie, New Balance, Nike and Skechers; and unisex shoes from Birkenstock, Dr. Martens and Timberland.

Growth plans call for one new store per year with the goal of doubling the size of the chain over the next five years. New stores will be targeted in southern New England in order to create efficiencies in distribution, management and advertising.