Sports Owners Investing In Tech Startups Players' Tribune Gets $40M In Series C Funding Montana Invests In Group Messaging Platform Nike Beats Analysts' Q2 Expectations Nike's Stock Posts Underwhelming Yearly Results Strivr Labs Announces $5M Round Of Funding Sportradar Rolling Out New Accelerator Program VF Corp. Mum On Majestic Sale To UA Could Disney Really Let Go Of ESPN? Nike Files Flurry Of Tech Patent
GART SPORTS CO. SET TO ACQUIRE SPORTMART INC.
Published September 29, 1997
CO-based Gart Sports Co. will announce today that it will acquire "the much larger" IL-based Sportmart Inc., creating the nation's second-largest chain of sporting goods stores, according to John Rebchook of the ROCKY MOUNTAIN NEWS. The two companies will make up 120 stores in 13 states, and Gart's annual revenues "will more than triple to almost" $700M, a source close the transaction said. While only FL-based Sports Authority Inc., with "almost" $1.3B in revenues in fiscal '97, will be larger, industry experts say the newly-formed Gart Sports Co. "may be the most profitable sporting goods chain the nation." As part of the deal, Sportmart will relocate its corporate headquarters to Denver and Rebchook adds that Gart CEO Doug Morton "is expected" to head the new company (ROCKY MOUNTAIN NEWS, 9/29).