Foot Locker Inc will buy two smaller shoe store chains for a total of about $1.1 billion in cash, the footwear retailer said on Monday as it looks to expand its business beyond malls and extend its reach in Asia.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
FL | FOOT LOCKER, INC. | 55.86 | -1.20 | -2.10% |
The company is buying California-based WSS for $750 million and Japanese streetwear retailer Atmos for $360 million, it said in separate statements.
SQUARE AGREES TO ACQUIRE AFTERPAY FOR $29 BILLION IN ALL-STOCK DEAL
Pent-up demand for sneakers and athletic gear from U.S. shoppers, as well as government stimulus have boosted Foot Locker's sales this year, but the company has said it was looking to focus beyond malls whose traffic has been pressured by the pandemic and a surge in online shopping.
WSS has a fleet of 93 off-mall stores across California, Texas, Arizona and Nevada, and has a largely Hispanic consumer base which Foot Locker is looking to tap into.
Atmos, which has most of its 49 stores in Japan, is popular for its collection of special edition footwear in collaboration with brands including Nike Inc (NKE.N).
GET FOX BUSINESS ON THE GO BY CLICKING HERE
WSS and Atmos will continue to operate under their own names. Both the deals, which were first reported by the Wall Street Journal, will be funded through available cash, Foot Locker said.
Evercore served as financial adviser to Foot Locker on both the deals, while RW Baird advised WSS.
Business - Latest - Google News
August 02, 2021 at 08:54PM
https://ift.tt/3ljFzzq
Foot Locker to buy 2 shoe store chains for $1.1B - Fox Business
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "Foot Locker to buy 2 shoe store chains for $1.1B - Fox Business"
Post a Comment