TOMS Shoes LLC's creditors have agreed to take over the maker of casual foo...
), will take over ownership of TOMS from its founder Blake Mycoskie and private equity firm Bain Capital, according to the letter. In exchange, the creditors will provide debt relief to the company, according to the sources, who requested anonymity to discuss confidential arrangements.
The new owners have agreed to invest $35 million in TOMS to show their commitment and support its future growth, according to the letter. TOMS was founded in 2006 by Mycoskie, a former contestant on U.S. reality TV show “The Amazing Race,” after he visited a village in Argentina where children lacked shoes. Since then it has gifted close to 100 million pairs of shoes to children, according to a statement the company issued last month.
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