Finish Line closes transaction with Man Alive Acquisitions
The Finish Line (Nasdaq: FINL) announced on July 3 that it has closed its transaction with Man Alive Acquisitions, an entity controlled by Jimmy Khezrie, the owner and operator of Jimmy Jazz stores. Finish Line had previously announced plans to exit the Man Alive business on June 22, 2009.
Finish Line said in June it would pay $7 million in cash to Man Alive Acquisition to take certain Man Alive assets and liabilities. The agreement includes Man Alive's 75 retail stores under the Man Alive and Decibel names, as well as their trademarks and tradenames.
Leasehold interests and lease liabilities were also included in the deal, along with intellectual property.
Foot Locker stock could jump says Barron’s
Foot Locker shares could rise up to 50 percent in the next year thanks to a reorganization of the company, according to a July 6 Barron’s report.
Foot Locker reshuffled its merchandise, closed stores and reduced costs significantly over the last two years as it anticipated a downturn in the U.S. economy.
Barron’s said the Foot Locker stock could jump to $15 from $10 in the next year if the U.S. economy starts to grow.
Foot Locker's price-to-earnings multiple is 14 times its fiscal 2009 estimated earnings, according to the report. This is below the 15.1 times of Finish Line and the 17.3 times of Dick's Sporting Goods, which puts Foot Locker in a more attractive position than its rivals.
Operating more than 3,600 stores around the world, Foot Locker reported a better-than-expected profit in the first quarter as improved margins from recent the cost cuts helped offset a decline in sales.
--Compiled by Marcus Woolf
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