Document:

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                                                                   EXHIBIT 10.49

                        IRON AGE HOLDINGS CORPORATION
                             IRON AGE CORPORATION
                             CONSULTING AGREEMENT

      This Consulting Agreement (this "Agreement") is made as of the 3rd day of
September, 2002 (the "Effective Date") by and between Fenway Partners Resources,
Inc., a Delaware corporation ("FPR"), Iron Age Corporation, a Delaware
corporation (the "Company") and Iron Age Holdings Corporation, a Delaware
corporation (the "Parent").

      WHEREAS, subject to the terms and conditions of this Agreement, the
Company and the Parent desire to retain FPR to provide certain consulting and
advisory services to the Company and the Parent, and FPR desires to provide such
services;

      NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

1.    SERVICES.  FPR hereby agrees that, during the term of this Agreement,
it will provide the Company and the Parent with financial, managerial and
operational advice.

2.    COMPENSATION.
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      a. Consulting Fee. During the term of this Agreement, the Company and the
Parent agree to pay a fee (the "Fee") in the aggregate amount of fifty thousand
dollars ($50,000) per year, prorated for any period less than a full year. The
Fee shall be paid quarterly, no later than 30 days following the close of the
preceding fiscal quarter. The Fee will be subject to review and adjustment from
time to time upon mutual agreement of the Company, the Parent and FPR.

      b. Expenses. The Company and the Parent agree agrees to pay all
out-of-pocket expenses incurred by FPR directly in connection with the provision
of services hereunder; provided, however, that FPR shall properly account
therefor in accordance with the requirements for federal income tax
deductibility and the policies and procedures of the Company and the Parent.
Upon the timely submission of documentation for such expenses, reimbursements
shall be paid by the Company and the Parent quarterly, no later than 30 days
following the close of the preceding fiscal quarter. FPR expressly agrees that
expenses consisting of employee salaries, rent and other overhead expenses of
FPR are not subject to reimbursement under this Section 2(b) and shall be borne
exclusively by FPR.

3.    TERM AND TERMINATION.

      a. Term. The term of this Agreement shall be for the period commencing on
the Effective Date and expiring on the date on which termination is effective
pursuant to the provisions of Section 3(b) (the "Termination Date"). For all
purposes of this Agreement, references to the "term hereof" and "the term of
this Agreement" shall mean the period commencing on the Effective Date and
ending on the Termination Date.

      b. Early Termination. This Agreement may be terminated as follows:

            (i) FPR may terminate this Agreement with 60 days prior written
notice; provided, however, that the boards of directors of the Company and the
Parent may elect to waive the period of notice, or any portion thereof, provided
that the Company and the Parent shall continue to pay the Fee through the notice
period or portion thereof so waived;

            (ii) the Company or the Parent may terminate this Agreement upon
notice to FPR; and

                                      -2-
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            (iii) this Agreement shall terminate automatically upon the earliest
date upon which Fenway Partners, Inc. ("Fenway") and its Affiliates shall cease
to retain, directly or indirectly, the power to elect or cause the election of a
majority of the board of directors of the Company and of the Parent.

      c. Effect of Termination.

            (i) Any and all accrued and unpaid obligations of the Company and of
the Parent owed under Section 2 shall survive any termination of this Agreement.

            (ii) Effective as of the termination of this Agreement, the Agents
of FPR shall be removed from all offices and positions held with the Company,
the Parent or any of its Affiliates unless determined otherwise by Fenway.

4.    DEFINITIONS.

      a. The following capitalized terms used in this Agreement shall have the
meanings set forth below.

      "Affiliates" shall mean with respect to any Person, all other Persons and
entities directly or indirectly controlling, controlled by or under common
control with such Person, where control may be by management authority, equity
interest or otherwise.

      "Agents" shall mean with respect to any Person, the partners, members,
managers, shareholders, Affiliates, directors, officers, fiduciaries, employees
or agents of such Person.

      "Person" shall mean an individual, partnership, corporation, association,
trust, joint venture, limited liability company, unincorporated organization or
entity, or any government, governmental department or agency or political
subdivision thereof.

      b. Certain terms used in this Agreement have the meanings given them in
the following Section or Sections:

<TABLE>
<CAPTION>
      Term                                      Section
      ----                                      -------
<S>                                             <C>
      Agreement                                 Preamble
      FPR                                       Preamble
      Company                                   Preamble
      Effective Date                            Preamble
      Fee                                       Section 2(a)
      Fenway                                    Section 3(b)(iii)
      Parent                                    Preamble
      Termination Date                          Section 3(a)
</TABLE>

                                      -3-
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5.    ASSIGNMENT, ETC.  No party shall have the right to assign this
Agreement without the prior written consent of the other two parties.

6. AMENDMENTS AND WAIVERS. No amendment or waiver of any term, provision or
condition of this Agreement shall be effective, unless mutually agreed upon by
each of the Company, the Parent and FPR. No waiver on any one occasion shall
extend to or effect or be construed as a waiver of any right or remedy on any
future occasion. No course of dealing of any Person nor any delay or omission in
exercising any right or remedy shall constitute an amendment of this Agreement
or a waiver of any right or remedy of any party hereto.

7. CHOICE OF LAW. This Agreement shall be governed by and construed in
accordance with the domestic substantive laws of the State of New York without
giving effect to any choice or conflict of law provision or rule that would
cause the application of the domestic substantive laws of any other
jurisdiction.

8. MERGER/ENTIRE AGREEMENT. This Agreement contains the entire understanding of
the parties with respect to the subject matter hereof and supersedes any prior
communication, agreement or understanding (written or oral) with respect
thereto.

9. NOTICE. All notices, demands, and communications of any kind which any party
may require or desire to serve upon any other party under this Agreement shall
be in writing and shall be served upon such other party and such other party's
copied Persons as specified below by personal delivery to the address set forth
for it below or to such other address as such party shall have specified by
notice to each other party or by mailing a copy thereof by certified or
registered mail, or by Federal Express or any other reputable overnight courier
service, postage prepaid, with return receipt requested, addressed to such party
and copied Persons at such addresses. In the case of service by personal
delivery, it shall be deemed complete on the first business day after the date
of actual delivery to such address. In case of service by mail or by overnight
courier, it shall be deemed complete, whether or not received, on the third day
after the date of mailing as shown by the registered or certified mail receipt
or courier service receipt. Notwithstanding the foregoing, notice to any party
or copied Person of change of address shall be deemed complete only upon actual
receipt by an officer or agent of such party or copied Person.

                                      -4-
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      If to FPR, to it at:

            Fenway Partners Resources, Inc.
            c/o Fenway Partners, Inc.
            152 W. 57th Street, 59th Floor
            New York, NY 10019
            Attention:  Dale Morrison

      If to the Company or to the Parent, to it at:

            Iron Age Corporation
            Iron Age Holdings Corporation
            Robinson Plaza Three
            Suite 400
            Pittsburgh, PA  15205
            Attn:  William J. Mills

      With a copy to:

            c/o Fenway Partners, Inc.
            152 West 57th Street
            New York, New York 10019
            Attention:  Richard C. Dresdale

      With an additional copy to:

            Ropes & Gray
            One International Place
            Boston, Massachusetts 02110
            Attention:  John B. Ayer

10. SEVERABILITY. If in any judicial or arbitral proceedings a court or
arbitrator shall refuse to enforce any provision of this Agreement, then such
unenforceable provision shall be deemed eliminated from this Agreement for the
purpose of such proceedings to the extent necessary to permit the remaining
provisions to be enforced. To the full extent, however, that the provisions of
any applicable law may be waived, they are hereby waived to the end that this
Agreement be deemed to be valid and binding agreement enforceable in accordance
with its terms, and in the event that any provision hereof shall be found to be
invalid or unenforceable, such provision shall be construed by limiting it so as
to be valid and enforceable to the maximum extent consistent with and possible
under applicable law.

                                      -5-
<PAGE>
11.   COUNTERPARTS.  This Agreement may be executed in any number of
counterparts and by each of the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
together shall constitute one and the same agreement.

          [THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

                                      -6-
<PAGE>
      IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed on its behalf as an instrument under seal as of the date first above
written by its officer or representative thereunto duly authorized.

FPR:                                FENWAY PARTNERS RESOURCES, INC.

                                    By_______________________________
                                       Dale Morrison
                                       President

THE COMPANY:                        IRON AGE CORPORATION

                                    By_______________________________
                                       William J. Mills
                                       Chief Executive Officer and President

THE PARENT:                         IRON AGE HOLDINGS CORPORATION

                                    By_______________________________
                                       William J. Mills
                                       President

                                      -7-<PAGE>

                                                                   EXHIBIT 10.50

                                  LETTER WAIVER

                                                   Dated as of September 4, 2002

To the banks, financial institutions
   and other institutional lenders
   (collectively, the "Lenders")
   parties to the Credit Agreement
   referred to below and to BNP Paribas
   (formerly, Banque Nationale de Paris),
   as agent (the "Agent") for the Lenders

Ladies and Gentlemen:

            We refer to the Credit Agreement dated as of April 24, 1998, as
amended, supplemented and otherwise modified by a Letter Waiver thereto dated as
of August 28, 1998, an Amendment No. 2 and Waiver thereto dated as of February
26, 1999, an Amendment No. 3 and Waiver thereto dated as of June 23, 1999, an
Amendment No. 4 and Waiver thereto dated as of March 17, 2000, an Amendment No.
5 thereto dated as of September 15, 2000, an Amendment No. 6 thereto dated as of
April 24, 2001 and an Amendment No. 7 and Waiver thereto dated as of December
10, 2001 (such Credit Agreement, as so amended, supplemented and otherwise
modified, the "Credit Agreement") among the undersigned and you. Capitalized
terms not otherwise defined in this Letter Waiver have the same meanings as
specified in the Credit Agreement.

            We hereby request that you waive, solely for the period commencing
on July 27, 2002 and ending on October 25, 2002 (the "Waiver Termination Date"),
the requirements of Sections 5.04(b), 5.04(c) and 5.04(e) of the Credit
Agreement for the Rolling Period ending on July 27, 2002. On the Waiver
Termination Date, without any further action by the Agent and the Lenders, all
of the terms and provisions set forth in the Loan Documents with respect to
Defaults thereunder that are waived hereunder and not cured prior to the Waiver
Termination Date shall have the same force and effect as if this Letter Waiver
had not been entered into by the parties hereto, and the Agent and the Lenders
shall have all of the rights and remedies afforded to them under the Loan
Documents with respect to any such Defaults as though no waiver had been granted
by them hereunder.

            In connection with this Letter Waiver, we agree to pay to the Agent,
for the pro rata benefit of the Lenders party hereto, a fee equal to 0.10% of
the aggregate amount of, without duplication, the Commitments of such Lenders
under the Credit Agreement in each case outstanding as of September 4, 2002. We
acknowledge that such fee shall be (a) fully-earned
<PAGE>
                                       2

and payable on September 4, 2002 to each Lender who executes and delivers this
Letter Waiver on or prior to such date provided that this Letter Waiver becomes
effective by such date in accordance with the following paragraph and (b)
non-refundable for any reason whatsoever after payment. We also understand and
agree that nothing in this Letter Waiver shall constitute a commitment by any
Lender to participate in, provide, amend, modify, restate, extend or arrange any
other financing in connection herewith.

            This Letter Waiver shall become effective as of the date first above
written when, and only when, on or before September 4, 2002, (a) the Agent shall
have received (i) counterparts of this Letter Waiver executed by us and the
Required Lenders or, as to any of the Lenders, advice satisfactory to the Agent
that such Lender has executed this Letter Waiver, (ii) counterparts of the
consent attached hereto executed by each of the Loan Parties and (iii) the fee
referred to in the preceding paragraph and (b) the Loan Parties shall have paid
in full all accrued costs and expenses of the Agent in connection with the
preparation, execution and delivery of this Letter Waiver and all other accrued
costs and expenses of the Agent in connection with the Credit Agreement
(including, without limitation, the accrued fees and expenses of counsel for the
Agent with respect thereto). This Letter Waiver is subject to the provisions of
Section 9.01 of the Credit Agreement.

            The Credit Agreement, the Notes and each of the other Loan
Documents, except to the extent of the waiver specifically provided above, are
and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed. Without limiting the generality of the foregoing, the
Collateral Documents and all of the Collateral described therein do and shall
continue to secure the payment of all Obligations of the Loan Parties under the
Loan Documents. The execution, delivery and effectiveness of this Letter Waiver
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

            If you agree to the terms and provisions of this Letter Waiver,
please evidence such agreement by executing and returning at least five
counterparts of this Letter Waiver to Shearman & Sterling, 599 Lexington Avenue,
New York, NY 10022 Attention: Benjamin Cheng.

            This Letter Waiver may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Letter Waiver by telecopier shall be effective as
delivery of a manually executed counterpart of this Letter Waiver.

            This Letter Waiver shall be governed by, and construed in accordance
with, the laws of the State of New York.
<PAGE>
                                       3

                                                  Very truly yours,

                                                  IRON AGE CORPORATION

                                                  By
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  IRON AGE HOLDINGS CORPORATION

                                                  By
                                                     ---------------------------

                                                     Name:
                                                     Title:

Agreed as of the date first above written:

BNP PARIBAS,
as Agent, Swing Line Bank, Issuing Bank
and as a Lender,

By
   ---------------------------
   Name:
   Title:

By
   ---------------------------
   Name:
   Title:
<PAGE>
KEY CORPORATE CAPITAL INC.

By
   ---------------------------
   Name:
   Title:
<PAGE>
PNC BANK, NATIONAL ASSOCIATION

By
   ---------------------------
   Name:
   Title:
<PAGE>
UBS AG, STAMFORD BRANCH

By
   ---------------------------
   Name:
   Title:
By
   ---------------------------
   Name:
   Title:
<PAGE>
U.S. BANK NATIONAL ASSOCIATION

By
   ---------------------------
   Name:
   Title:

By
   ---------------------------
   Name:
   Title:
<PAGE>
                                     CONSENT

            Reference is made to (a) Letter Waiver to the Credit Agreement dated
as of September 4, 2002 (the "Letter Waiver"; capitalized terms not otherwise
defined herein being used herein as defined in the Letter Waiver and in the
Credit Agreement referred to below), (b) the Credit Agreement dated as of April
24, 1998 (as amended, supplemented or otherwise modified through the date
hereof, the "Credit Agreement") among Iron Age Corporation, a Delaware
corporation, Iron Age Holdings Corporation, a Delaware corporation, the banks,
financial institutions and other institutional lenders party thereto, and BNP
Paribas (formerly known as Banque Nationale de Paris) ("BNP"), as Swing Line
Bank and Initial Issuing Bank thereunder, and BNP, as agent (the "Agent") for
the Lenders thereunder, and (c) the other Loan Documents referred to therein.

            Each of the undersigned, in its capacity as (a) a Grantor under the
Security Agreement, (b) a Grantor under each Intellectual Property Security
Agreement, and/or (c) a Guarantor under the Subsidiary Guaranty, hereby consents
to the execution, delivery and the performance of the Letter Waiver and agrees
that:

            (A) notwithstanding the effectiveness of the Letter Waiver, each of
      the Security Agreement, the Intellectual Property Security Agreement and
      the Subsidiary Guaranty to which it is a party is, and shall continue to
      be, in full force and effect and is hereby in all respects ratified and
      confirmed in all respects; and

            (B) the Collateral Documents to which it is a party and all of its
      Collateral described therein do, and shall continue to, secure the payment
      of all of the Secured Obligations (in each case, as defined therein).

            This Consent shall be governed by, and construed in accordance with,
the laws of the State of New York.

            Delivery of an executed counterpart of a signature page of this
Consent by telecopier shall be effective as the delivery of a manually executed
counterpart of this Consent.

                                                  IRON AGE CORPORATION

                                                  By
                                                    ---------------------------
                                                    Name:
                                                    Title:

                                                  IRON AGE HOLDINGS CORPORATION

                                                  By
                                                    ---------------------------
                                                    Name:
                                                    Title:
<PAGE>
                                                  IRON AGE INVESTMENT COMPANY

                                                  By
                                                    ---------------------------
                                                    Name:
                                                    Title:

                                                  FALCON SHOE MFG. CO.

                                                  By
                                                    ---------------------------
                                                    Name:
                                                    Title:

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