Brown Shoe Company has finalized the sale of its men's basketball and lifestyle shoe brand, And 1, to Galaxy International for $55 million in cash. Brown Shoe plans to use the proceeds from the deal to pay down debt. The U.S. shoe retail and wholesale company acquired And 1 in February as part of the takeover of American Sporting Goods, which has other brands such as Avia and Nevados. Brown is trimming its portfolio of brands to focus on its most profitable lines.

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