JD Sports Fashion PLC announced today that it has purchased the Shoe Palace Corporation in a massive deal worth $325 million.
"We are delighted to have completed the acquisition of Shoe Palace, Peter Cowgill, Executive Chairman of JD Sports said. "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 fulfill our mutual ambition of becoming a prime customer destination for sneakers and lifestyle apparel in the United States."
Following its acquisition of Finish Line in 2018, the UK-based sportswear retailer continues to expand its retail footprint in the U.S., this time specifically on the West Coast with more than half of the 167 Shoe Palace stores located in California. Under the agreement, Shoe Palace will continue to be operated by the Mersho family but in the coming years, both the JD Finish Line and Shoe Palace teams will work together to create an "unrivaled proposition that connects with all relevant consumers."
"We could not imagine a better way to continue to build on the legacy of our family business, Chief Executive Officer of Shoe Palace, George Mersho said about the deal. "Through this combination with JD and Finish Line in the U.S., we have gained a strong global partner. We look forward to being part of the JD family and continuing to serve our customers and communities for many years to come."
