Just For Feet, Inc. Acquires Sneaker Stadium, Inc.
DJ: Just For Feet, Inc. Acquires Sneaker Stadium, Inc.
BIRMINGHAM, Ala., July 6 /PRNewswire/ -- Just For Feet, Inc. (Nasdaq: FEET),
announced it closed on July 2, 1998 the previously announced acquisition of
Sneaker Stadium, a privately held athletic retailer with 39 superstores.
Harold Ruttenberg, Chairman, President and Chief Executive Officer of Just
For Feet, commented, "We are extremely pleased with the acquisition of
Sneaker Stadium. This acquisition accelerates our strategic national
expansion program, particularly in the key Northeast and Mid-Atlantic
states." As a result of the acquisition, Just For Feet will operate 125
company-owned superstores, a superstore base increase of 45%, with the
intention to convert Sneaker Stadium stores to the Just For Feet name and
format.
Just For Feet, Inc. operates both large format superstores and smaller
specialty stores which specialize in brand-name athletic and outdoor
footwear. The Just For Feet superstores feature a full line of sports
related apparel, a high level of customer service and a distinctive
combination of entertainment elements creating an exciting shopping
experience. Prior to the acquisition, the Company operated 86 company-owned
and eleven franchised Just For Feet superstores in 22 states and Puerto
Rico, spanning every state coast-to-coast in the southern half of the United
States. Just For Feet also operates 103 company-owned and 48 franchised
specialty stores in 22 states and Puerto Rico.
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities law.
Although Just For Feet, Inc. believes the statements are based on reasonable
assumptions, there can be no assurance that these expectations will be
attained. Actual results and timing of certain events could differ
materially from those projected in or contemplated by the forward-looking
statements due to a number of factors, including, without limitation,
industry trends, merchandise trends, competition and the ability to obtain
financing, as well as other risks outlined from time to time in the filings
of Just For Feet, Inc. with the Securities and Exchange Commission.
/CONTACT: Harold Ruttenberg, Chairman, President and Chief Executive
Officer, or Eric L. Tyra, Chief Financial Officer, Just For Feet, Inc.,
205-408-3000/
07:30 EDT |
