Foot Locker, Inc. said it has received approval from the Federal Cartel Office in Germany to complete its previously announced acquisition of Runners Point Warenhandelsgesellschaft mbH (RPG). The transaction is now expected to close in early July.
RPG, based in Recklinghausen, has a leading position in the German
athletic retail market, operating more than 200 stores --- with its most
prominent banners being Runners Point and Sidestep --- as well as an
online subsidiary, Tredex. RPG previously announced sales of €197
million ($254 million) for calendar year. The acquisition was first announced on May 8.
company's Chief Executive Officer, Otto Hurler, and Chief Financial
Officer, Harald Wittig, along with other members of senior management,
will remain with the company post-acquisition.
Source Press release through SportsOneSource
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