Steve Madden Weighs Options

New York, Steven Madden Ltd. said on Friday that it had hired an investment bank to help it weigh strategic options and a possible sale of the company after receiving takeover overtures from unnamed parties.

The company said it had formed a strategic review committee, comprised of three independent directors. The committee hired Peter J. Solomon & Co. as its financial adviser. Steven Madden said there were no assurances that a deal would be reached.

Earlier this week, Steven Madden cut its full-year sales and earnings outlooks, due in part to a weak market for consumer spending and a limited number of footwear trends to pursue.