Finish Line buys sports chain for $8.5m
US sports footwear, apparel and equipment retailer The Finish Line is acquiring an 18-store chain of running shoe and apparel stores for $8.5 million, the athletic retailer announced on 1 September 2011.
The stores operate in eight states under banners such as Greater Boston Running Co., Texas Running Co., Georgetown Running Co., Princeton Running Co., New York Running Co. and others. Finish Line said the stores generate annual revenue of roughly $19 million. Finish Line said it plans to operate the stores under their current names and retain the culture and customer service that caters to serious runners. Some members of the chain's corporate and store management will remain after the acquisition. Finish Line CEO Glenn Lyon said there is a tremendous growth opportunity in the specialty running business. The company plans to add stores and will look at other potential acquisitions in the running business. “This acquisition is an important step in our strategic plan to drive growth outside of our core Finish Line business,” Mr Lyon said in a statement. Finish Line, which is based in Indianapolis, operates 647 stores in malls across the US.
