The popular casual shoe brand HEYDUDE is expanding its reach by opening two new stores in the Myrtle Beach area, the company announced. This move marks an exciting development for the brand as it attracts more customers.
New Store Alert: HEYDUDE Joins Tanger Outlets Myrtle Beach
Tanger Outlets in Myrtle Beach has just announced a new addition to their shopping lineup: the casual shoe brand HEYDUDE.
Set to open this spring, the HEYDUDE store will find its home next to Adidas at the Highway 17 Tanger Outlets. Shoppers can look forward to exploring a spacious 2,800-square-foot retail area filled with the latest in casual footwear.
The upcoming store is making its presence known with eye-catching signs and decals marking its future location. Although the doors aren't open yet, a promising 'Coming Soon' sign adorns the front door, signaling exciting things ahead.
This new addition to the Tanger Outlets is stepping in to fill the space left by Chubbies, a store dedicated to summer and beachwear. Chubbies, which had stores in Atlanta, Ga., and Charleston, S.C., closed its Myrtle Beach outlet in December, a move confirmed through a company email.
The beachwear retailer had only been a part of the Tanger Outlets' landscape since March 2023, as reported by The Sun News, making its stay less than a year before making way for Hey Dude's arrival.
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Crocs Acquires Casual Footwear Brand HEYDUDE
On February 17, 2022, Crocs, Inc., a global innovator in casual footwear for everyone, announced the successful completion of its acquisition of HEYDUDETM, a popular private casual shoe brand. This strategic move, effective from February 17, 2022, brings a second dynamic and profitable brand into Crocs' growing portfolio.
The acquisition is a step towards enhancing Crocs' market presence, leveraging innovative marketing strategies, and utilizing its expansive infrastructure to boost HEYDUDE's growth and significantly increase shareholder value.
HEYDUDE is anticipated to contribute immediately to Crocs' revenue growth, maintain industry-leading profit margins, and enhance earnings. It is expected to generate revenues between $700 and $750 million, including sales made before the acquisition's finalization, and report $620 to $670 million for the period starting February 17, 2022.
Crocs financed this acquisition through $2.05 billion in cash and by issuing 2,852,280 shares to HEYDUDE's founder. Alongside this, Crocs secured a $2.0 billion Term Loan B due in 2029, with an interest rate tied to SOFR (Secured Overnight Financing Rate) plus 3.50%, with a minimum SOFR of 0.50%.
Additionally, Crocs expanded its Senior Revolving Credit Facility by $100 million to $600 million and utilized $50 million from this facility to cover the remaining cash needed for the acquisition.
HEYDUDE, a brand known for its comfortable and versatile shoes and accessories, was born in Italy in 2008. With a keen eye for detail and a dedication to outstanding craftsmanship, HEYDUDE pours heart and soul into every pair of shoes it creates. The brand stands by its unique blend of ultra-light comfort and casual, yet adaptable, design, believing it to be the perfect recipe for footwear success.
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