Is Dame Dash struggling financially? Following a report last week that two of his New York homes may go into foreclosure, he has now lost the rights to the Pro-Keds shoe brand.
According to the Boston Herald, Stride Rite Corp. has reacquired the rights to the 60-year-old shoe from Dash. However, the company insists that it had nothing to do with his rumored financial woes and instead with rebranding.
“It was just a matter of timing,’ Stride Rite spokeswoman Debra Fernandes told the paper. “We just wanted a new direction.”
At press time, terms of the deal were not disclosed.
Pro-Keds was launched in 1949 as a performance athletic shoe. By the 1970s, the round-toed sneaker was synonymous with some of the biggest names in professional sports — JoJo White and Kareem Abdul-Jabbar endorsed them — and was a fashion staple in New York City’s early hip-hop community.
Damon Dash purchased the licensing rights from Stride Rite for an undisclosed amount in 2004.
Last week, Dash and wife Rachel Roy made headlines when it was revealed that they owe $7.3 million on two Manhattan properties, and are in jeopardy of losing them due to non-payment.