Salem Radio Network News Wednesday, October 20, 2021

Business

Foot Locker buying atmos, Eurostar in pair of deals

Foot Locker is acquiring a pair of companies in deals worth over $1 billion.

The New York footwear and clothing company said Monday that it’s buying Text Trading Co., which owns and licenses Japanese retailer atmos, for $360 million. The transaction accelerates Foot Locker’s Asia-Pacific expansion.

Atmos, with fiscal 2020 revenue of about $175 million, has 49 stores worldwide.

Foot Locker Inc. also announced that it’s buying athletic footwear and clothing company Eurostar for $750 million.

Eurostar Inc. concentrates on Hispanic consumers, running 93 stores in California, Texas, Arizona, and Nevada. The company had approximately $425 million in fiscal 2020 revenue.

‚ÄúThis acquisition enhances our product mix and provides access to a customer base and store footprint that are both differentiated from and complementary to our current portfolio,” Foot Locker Chairman and CEO Richard Johnson said in a statement.

Both deals are expected to close late in the third quarter.

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