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My guess is yes. I just returned a pair of LL Bean Classic Penny Loafers, they were made in El Salvador, where Bass makes their shoes now. The leather uppers were stiff, the leather soles were of low quality, a decline from the ones from a few years ago.

Previously, the LL Bean loafers were made in the Domincan Republic (re-branded Sebagos). They were a notch or two better than the rebranded Bass ones.
 
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