JD has acquired 100 per cent of both the issued shares in the Shoe Palace Corporation and the members’ interests in Nice Kicks LLC.
Based in San Jose, California, Shoe Palace was established in 1993 by the Mersho family and currently has 167 stores, the vast majority of which trade under the Shoe Palace banner. More than half of the stores are located in California, although there is also an established retail presence in Texas, Nevada, Arizona, Florida, Colorado, New Mexico and Hawaii, with the store network supported by a developing ecommerce platform.
Total cash consideration for the acquisition of Shoe Palace, subject to customary cash / debt and working capital adjustments, is $325M of which $100M has been deferred and will be paid on various dates over the next 12 months.
Peter Cowgill, Executive Chairman of JD Sports Fashion Plc, said: ”We are delighted to have completed the acquisition of Shoe Palace. The Shoe Palace team are ambitious, have great energy and pride themselves on their consumer connection and we welcome them to the Group. We are confident that our combined fascias will provide us with the flexibility and expertise to fulfil our mutual ambition of becoming a prime customer destination for sneakers and lifestyle apparel in the United States.”
