Source: Finish Line In Talks To Sell Itself To U.K.-Based Chain SportsDirect
Finish Line is "in talks to sell itself" to U.K.-based SportsDirect, according to Josh Kosman of the N.Y. POST. A source said that SportsDirect, which owns brands including Everlast and Kangol, is in "direct negotiations to buy Finish Line, and an acquisition could be announced in the coming weeks." SportsDirect already owns an 8% stake in Finish Line. An analyst from Susquehanna Group said that SportsDirect would "likely keep the Finish Line banner, but create a 'DSW of athletic shoes' and offer sneakers at lower prices," forecasting that a sale is "more likely than not." Finish Line, which "operated 573 mall-based stores and 374 stores inside Macy’s stores as of April 2," generates more than 70% of its revenue from Nike footwear (N.Y. POST, 9/29).