By  on April 15, 2014

DSW Inc. has agreed to acquire a minority stake in Canada’s Town Shoes Ltd. with the option to acquire the remaining shares.

In a move that will provide a base for DSW to expand its brand into Canada, the U.S. retailer has agreed to acquire 44 percent of Town’s shares for a cash consideration of 68 million Canadian dollars, or $62 million at current exchange. Based in Toronto, Town operates 182 stores in Canada under banners including The Shoe Co., Shoe Warehouse and Town Shoes. Its 2013 sales totaled 291 million Canadian dollars, or $280.5 million at average exchange.

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