Pic: Shutterstock
JD Sports Fashion recently announced formally completing its acquisition of DTLR Villa, a Baltimore, Maryland-based hyperlocal athletic footwear and apparel streetwear retailer that is majority owned by BRS & Co. and Goode Capital. DTLR operates 247 stores across 19 US states, principally in the north and east.
All the terms of the transaction remain as outlined in the announcement made on February 1 this year.
Originally named Downtown Locker Room, DTLR merged with Sneaker Villa Inc. in 2017.
Total cash consideration for the acquisition is $495 million, subject to customary working capital and other adjustments at completion, of which approximately $100 million will be used to repay existing debt, JD Sports Fashion said in February.
This cash consideration is being funded from the group's cash resources and existing bank facilities.
"We are delighted that this transaction, which gives us an enhanced presence in the north and east of the United States, has now formally completed. We look forward to working with the experienced management team at DTLR and all our colleagues in the United States to further enhance our premium retail experience and become a leading customer destination for sneakers and lifestyle apparel," JD executive chairman Peter Cowgill said in a press release.
"The DTLR team looks forward to being part of the JD family. We are excited for the future and eager to work alongside JD to enhance DTLR's connection with the consumer and the communities we serve," Glenn Gaynor, co-chief executive officer of DTLR, said.
Fibre2Fashion News Desk (DS)
JD Sports Fashion recently announced formally completing its acquisition of DTLR Villa, a Baltimore, Maryland-based hyperlocal athletic footwear and apparel streetwear retailer that is majority owned by BRS & Co. and Goode Capital. DTLR operates 247 stores across 19 US states. All transaction terms remain as outlined in the announcement made on February 1.