An investor group plans to buy Morse Shoe.

The deal to buy the national footwear retailer is worth $232.2 million, the Canton, Mass.-based company announced. Manuel Rosenberg, the company’s chairman, president and chief executive, and Thomas J. Galligan III, senior vice president and chief financial officer and treasurer, lead the investment group. Citicorp Capital Investors Ltd. has agreed to finance the deal for the investors. The company said it agreed to the buyout. Under the deal, a newly formed corporation will begin a tender offer of $47 per share for the nearly 5.6 million outstanding shares of Morse stock.