Press release
Shoe Carnival Announces Acquisition of Shoe Station
Accelerates Growth Strategy to Become a Multi-Billion Dollar Retailer Adds a Complementary Retail Platform to Serve a Broader Customer Base Immediately
About this update from Shoe Carnival, Inc.
[{"type":"text","content":"\nAccelerates Growth Strategy to Become a Multi-Billion Dollar Retailer\n\nAdds a Complementary Retail Platform to Serve a Broader Customer Base\n\nImmediately Accretive to Diluted EPS in Fiscal 2022\n\n EVANSVILLE, Ind.--(BUSINESS WIRE)--\nShoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of footwear and accessories for the family, announced today that it has acquired substantially all of the assets of privately-held, family-owned Shoe Station, Inc., which operates stores in five Southeastern states. The Shoe Station assets were acquired for $67 million, subject to customary adjustments, funded through cash on hand.\n\n“We are excited to welcome Shoe Station to the Shoe Carnival team,” said Mark Worden, Shoe Carnival’s President and Chief Executive Officer. “Coming on the heels of our best quarter of our best year in our 43-year history, this deal accelerates our journey toward becoming a multi-billion dollar retailer in the years ahead.”\n\nWith this acquisition, the first in its history, the Company will own and operate Shoe Station’s locations across the Southeast. The addition of a new brand and new retail locations to the Shoe Carnival portfolio creates a complementary retail platform to serve a broader customer base across both urban and suburban demographics. Shoe Station has a strong track record of capitalizing on emerging footwear fashion trends and introducing new brands to its customers.\n\nShoe Station’s current President and Chief Executive Officer, G. Brent Barkin, will become the Company’s Senior Vice President, New Business Development & Integration, reporting to Mr. Worden. Mr. Barkin, the son of Shoe Station’s founder Terry S. Barkin, has been with Shoe Station for over twenty years. G. Brent Barkin will continue to lead Shoe Station while focusing on new business growth opportunities for the combined Company.\n\n“Shoe Carnival brings infrastructure and financial backing to significantly accelerate our Shoe Station brand growth,” said Mr. Barkin. “Taken together, the two brands create a winning customer value proposition. We are delighted to become part of Shoe Carnival, and I cannot wait to partner with Mark and his talented team to unlock more exciting opportunities to come.”\n\nThe transaction is expected to be immediately accretive to diluted net income per share in fiscal 2022, contr...