Completion of the acquisition is subject to customary closing conditions and is anticipated for Quarter 1, 2021.
DTLR was established in 1982 and is a hyperlocal athletic footwear and apparel streetwear retailer. Originally named Downtown Locker Room, the company later re-branded as DTL and, in 2017, merged with Sneaker Villa Inc. The brand currently operates across 19 states.
Total cash consideration for the acquisition is $495M and is subject to customary working capital. Around $100M will be used to repay existing debts of the company. The news comes following JD Sports’ recent acquisition of Shoe Palace.
Peter Cowgill, Executive Chairman of JD Sports Fashion PLC, commented: “This is another exciting milestone in the Group’s development in the United States. Like Shoe Palace, DTLR pride themselves on the deep connection they have with their consumers and the active role they play in the communities that they serve. As such, we intend to retain the DTR Villa fascia and its promotion.”
