NEW YORK — Just For Feet Inc. has signed a letter of intent to acquire Sneaker Stadium Inc. through the assumption of $43 million in debt, gaining entry into the Northeast and Mid-Atlantic regions.
Birmingham, Ala.-based Just For Feet may also pay up to $31 million to creditors after April 30, 2002, if Sneaker Stadium meets certain financial targets.
Selling sports-related apparel and athletic footwear, Just For Feet operates 86 company-owned and 11 franchised superstores as well as 102 company-owned and 48 franchised specialty stores, across the southern U.S. and in Puerto Rico. It plans to convert all 38 Sneaker Stadium stores to its name and superstore format.
Harold Ruttenberg, chairman, president and chief executive officer of Just For Feet, said the deal accelerates the chain’s expansion plans and will be accretive to earnings in the fiscal year ending Jan. 31, 2000.
Edison, N.J.-based Sneaker Stadium is privately held by a group of investors led by Thomas H. Lee & Co.

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