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NIKE TOWN GOES HOLLYWOOD; NINTH SUPERSTORE IS OFFICIAL
Published April 13, 1995
Nike Inc. announced that Hollywood's Wilshire Blvd. will be the newest location for its Nike Town chain. Nike VP/Retail Division Bruce Fabel said Nike Town is "symbolic of the changes that are occurring in that area. It's a healthy district that is poised to become even stronger in the years to come as new tenants move forward with plans to open stores." The two-level 28,000 square-foot store, scheduled to open in Fall '96, will share ground floor space with Planet Hollywood. The first Nike Town opened in Portland, OR, in '92, and Nike Town now has locations in three other areas: Chicago, Atlanta and Orange County. Four more are scheduled to open: Seattle (May '96), San Francisco (July '96), New York City (December '96-January '95) and Boston (Summer '97) (Nike). Nike PR Manager for Retail Kevin Kutcher said the company hopes to have 15 Nike Towns in the U.S. by the end of the decade. Nike is also looking at opening Nike Towns internationally and sites are being scouted in both Asia and Europe (THE DAILY). KNIGHT MOVES: Nike Chair Philip Knight sold about $56.4M in Nike stock, as the company's stock has continued its upward movement. According to the Washington Service, which tracks insider buying and selling, Knight sold 600,000 Class B common shares worth $44.8M between March 21 and March 29 at $73.63 and $75.50 each. The March sales come on the heels of his sale of 166,500 shares in January. Knight has sold stock ever year from 1987-92, raising a total of $115.3M during the period (Portland OREGONIAN, 4/12).