New York City — Foot Locker, Inc., the New York-based specialty athletic retailer, has completed its acquisition of Eurostar, Inc. (WSS), a U.S.-based athletic footwear and apparel retailer that primarily operates on the West Coast, for $750 million in cash, subject to customary adjustments.
“WSS is a highly complementary addition to our portfolio, and we are excited to officially welcome its team to the Foot Locker family,” says Richard A. Johnson, chairman and chief executive officer of Foot Locker. “WSS brings an expanded and differentiated customer base rooted in the rapidly growing Hispanic community, diversifies and enhances our product mix, and strengthens our footprint with a 100% off-mall store fleet located in key markets.”
WSS will maintain its name, operating as a new brand within Foot Locker’s portfolio. In connection with the completion of the acquisition, Foot Locker also has appointed Anthony Aversa to chief operating officer of WSS, effective immediately. He will report directly to Rick Mina, senior vice president & general manager of WSS, and oversee the brand’s market planning, real estate and customer experience functions. Aversa was previously the vice president of customer experience for Foot Locker North America.
Evercore served as financial advisor to Foot Locker, and Skadden, Arps, Slate, Meagher & Flom LLP served as its legal advisor. RW Baird served as financial advisor to WSS, and Manatt, Phelps and Phillips, LLP served as its legal advisor.
Foot Locker, Inc. has a portfolio of brands that includes Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, WSS, Footaction and Sidestep. The company has approximately 3,000 retail stores in 27 countries across North America, Europe, Asia, Australia and New Zealand. Foot Locker, Inc. has its corporate headquarters in New York. For more information, visit https://www.footlocker-inc.com.
SOURCE: Foot Locker, Inc.