GART SPORTS CO. SET TO ACQUIRE SPORTMART INC.
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).