Byrne returns to his CEO post after his three-month medical leave of absence.
The athletic gear retailer plans to develop e-commerce for the 18 new stores.
The Finish Line Inc. has acquired an 18-store chain of specialty running shops with locations in Connecticut, District of Columbia, Florida, Maryland, Massachusetts, New Jersey, New York and Texas with combined annual sales of approximately $19 million. Plans include developing e-commerce for the chain, which is operated by The Running Co.
The $8.5 million purchase price includes the assets and certain liabilities for the stores, which operate under names such as Greater Boston Running Co., Texas Running Co., Georgetown Running Co., Princeton Running Co. and New York Running Co., among others.
“This acquisition is an important step in our strategic plan to drive growth outside of our core Finish Line business,” says chairman and CEO Glenn Lyon. “We have a tremendous growth opportunity within the specialty running business with this acquisition as the foundation of that growth. We plan to expand the number of stores and develop this chain’s first e-commerce capability as well as pursue other potential acquisitions in the specialty running business.”
The stores, the first of which opened in 1996, serve serious runners with expert advice and precision-fitted running shoes and apparel, Finish Line says. Key members of the chain’s management team and store leadership will remain in place following the acquisition. Finish Line, No. 174 in the Internet Retailer Top 500 Guide, plans to keep the stores operating under their current names.
Finish Line operates 647 stores in malls across the U.S.