The Walking Company (TWC), which manages 210 shoe stores in the U.S., has sold its Big Dogs stores, which sell T-shirts and other products, for $5 million in cash last week. The new owner is Big Dog Licensing, a newly formed company owned by former preferred shareholders in TWC. and by the company's chief executive, Andrew Feshbach. The deal includes a clause that will allow TWC to continue to operate its Big Dogs online business for some time. TWC had failed in its previous attempts to divest Big Dogs. Richard Kayne, who holds 10 percent of TWC's common shares, will run Big Dog Licensing.