Under the terms of the agreement, Florsheim's U.S. wholesale business, an unspecified number of stores and some related assets will be sold to Milwaukee, Wisconsin-based Weyco Group for $47.3 million. The agreement will also see Weyco, a shoe manufacturer and distributor, assuming control of some of Florsheim's overseas subsidiaries, with lenders providing debtor-in-possession financing while the sale goes through.

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