McRae Industries Inc. acquired the trademarks, outstanding accounts receivable and certain inventory of Texas Boot Inc., McRae said yesterday.
McRae, Mount Gilead, NC, acquired the assets of Nashville, TN-based Texas Boot, which has been operating under Chapter 11 bankruptcy, at a June 23 auction. McRae offered $2.16 million for the assets. The transaction was approved June 24 by U.S. Bankruptcy Court for the Middle District of Tennessee.
Texas Boot's trademarks include Laredo, which is a leading Western boot brand. The purchased assets will be used by McRae's Dan Post Boot Company, which markets and distributes mainly Western footwear under the Dan Post, Dingo and American West brand names. McRae's products are sold to major discount chains, regional chain stores and catalogs.
