JDSPY - JD Sports bolsters U.S. presence with deal for Shoe Palace

JD Sports Fashion (JDSPY) acquires Shoe Palace for $325M in a deal that will expand the retailer's presence on the West Coast. California-based Shoe Palace has 167 stores in the U.S. and generated revenue last years of $435M. The company says the acquisition of Shoe Palace complements its ongoing positive developments from the existing Finish Line and JD fascias in the U.S., which includes the recent opening of JD's flagship store in Times Square, New York. JD said the deal was being funded through its existing cash reserves and bank facilities. "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

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JD Sports bolsters U.S. presence with deal for Shoe Palace