US: DSW steps into Canada with Town Shoes acquisition
US retail group DSW has closed its acquisition of Canada's largest footwear and accessories retailer Town Shoes for CAD75.5m (US$68.7m).
Town Shoes owns 182 stores in Canada, primarily under its namesake, The Shoe Company, and Shoe Warehouse banners.
Under the deal, which was first announced last month, DSW acquired a 49.2% interest in Town Shoes from clients of Alberta Investment Management Corporation (AIMCo) and other minority shareholders.
Last month, DSW said it would purchase its initial 44% stake from AIMCo, and might acquire additional shares from other minority shareholders as part of its investment.
DSW Inc. Completes Acquisition of Initial Interest in Town Shoes
Company Announces First Quarter Earnings Reporting Date
COLUMBUS, Ohio, May 12, 2014 /PRNewswire/ -- DSW Inc. (NYSE: DSW), a leading branded footwear and accessories retailer, announced the closing of its initial acquisition of Town Shoes Limited, the largest footwear and accessories retailer in Canada, forCAD$75.5 million (USD$68.7 million) in cash. DSW Inc. acquired a 49.2% interest in Town Shoes from certain clients of Alberta Investment Management Corporation (AIMCo) and other minority shareholders. DSW Inc.'s initial stake provides 50% voting control and board representation equal to the primary remaining shareholder, Callisto Capital.
Peter J. Solomon Company served as financial advisor to DSW Inc.
The Company plans to release its first quarter earnings results on Wednesday, May 28, 2014, before the market opens, with management hosting a conference call at 8:30 am Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-888-317-6003 (passcode: 6100425) in the U.S. or 1-412-317-6061 outside the U.S. approximately ten minutes prior to the start of the call. The conference call will also be webcast live at http://dswinc.investorroom.com. A telephone replay of this call will be available until 9:00 a.m. Eastern Time on June 4, 2014 and can be accessed by dialing 1-877-344-7529 in the U.S. or 1-412-317-0088 outside the U.S. and entering conference number 10045789.
About DSW Inc.
DSW Inc. is a leading branded footwear and accessories retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear and accessories for women, men and kids. As of May 15, 2014, DSW Inc. will operate 410 DSW stores in 42 states, the District of Columbia and Puerto Rico, and operates an e-commerce site, http://www.dsw.com, and a mobile website, http://m.dsw.com. DSW Inc. also supplies footwear to 360 leased locations in the United States under the Affiliated Business Group. For store locations and additional information about DSW, visit http://www.dswinc.com.
Original source: http://www.prnewswire.com/news-releases/dsw-inc-completes-acquisition-of-initial-interest-in-town-shoes-258900711.html
Footwear retailer DSW has said it is encouraged by the sequential improvement in its sales trends in the second quarter as revenues increased 4.5%....
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