Skechers Sued for Allegedly Favoring Founder in $9.4 Billion Buyout

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Skechers Sued for Allegedly Favoring Founder in $9.4 Billion Buyout
The entrance of the Sketchers retail store is seen at the Barton Creek Square mall on May 05, 2025 in Austin, Texas Brandon Bell/Getty Images/Getty Images

Skechers is now facing a lawsuit from one of its shareholders over its $9.4 billion buyout by private equity firm 3G Capital.

The lawsuit claims the shoe company's founder, Robert Greenberg, may have unfairly helped push through the deal to benefit himself and his family.

According to Reuters, filed in a Los Angeles federal court on Thursday, the complaint says Greenberg and his family—who hold around 60% of Skechers' voting power—directed the sale to just one buyer without opening the process to other interested companies.

The shareholder behind the lawsuit, the Key West Police Officers & Firefighters Retirement Plan, wants the company to pause the deal until more information is shared with federal regulators.

The group argues that all shareholders deserve to know if the terms are fair. "The process appears to have ignored other bidders," the complaint claims, adding that this could mean smaller shareholders were treated unfairly.

Founder Could Make $1B as Skechers Sells Below Peak Value

Needham analyst Tom Nikic was quoted in a Reuters report describing the sale as "very surprising," pointing to Skechers' strong family identity and its founder's reported preference for 3G Capital due to their close business ties.

If the deal moves forward as planned, Greenberg, 85, could make over $1 billion. The buyout values Skechers at $63 per share—about 20% less than the company's high stock price of $78.82 earlier this year, Mint said.

Skechers, based in Manhattan Beach, California, is the third-largest shoe brand in the world, best known for its focus on comfort and affordability.

Still, like competitors such as Nike, Skechers is under pressure from US tariffs on Chinese imports. The company pulled its full-year financial forecast in April, hinting at challenges ahead.

3G Capital, the firm buying Skechers, is well known for slashing costs at major companies like Kraft Heinz and Anheuser-Busch. Some investors fear that kind of aggressive strategy could hurt Skechers in the long term.

Skechers spokeswoman Jennifer Clay said the company would not comment on pending lawsuits.

Lawsuits like this one are common in large US mergers. Many end with minor settlements or no payouts at all, but they often lead to more public information before deals are finalized.

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Lawsuit, Buyout

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