UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | September 1, 2011 |
The Finish Line, Inc.
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(Exact name of registrant as specified in its charter)
| Indiana | 0-20184 | 35-1537210 |
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_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 3308 North Mitthoeffer Road, Indianapolis, Indiana | 46235 | |
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_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 317-899-1022 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
The Company announced today that it has acquired substantially all assets of an 18-store chain of specialty running shops for $8.5 million and the assumption of certain liabilities. The chain has store locations in Connecticut, District of Columbia, Florida, Maryland, Massachusetts, New Jersey, New York, and Texas, which operate under banners such as Greater Boston Running Company, Texas Running Company, Georgetown Running Company, Princeton Running Company, New York Running Company and others. The Company expects key members of the chain’s management team and store leadership to remain in place following the acquisition. The Company also plans to keep the stores operating under their current banners and retain the culture and outstanding customer service that have made them successful. This acquisition is part of the Company’s strategic plan for growth outside of its core business.
Further information regarding this acquisition is set forth in a press release issued on September 1, 2011, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| The Finish Line, Inc. | ||||
| September 1, 2011 | By: |
Edward W. Wilhelm
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| Name: Edward W. Wilhelm | ||||
| Title: Executive Vice President, Chief Financial Officer | ||||
Exhibit Index
| Exhibit No. | Description | |
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99.1
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Press Release issued September 1, 2011 |
EXHIBIT 99.1
Finish Line Acquires 18-Store Specialty Running Chain
Acquisition aligns with Finish Line’s strategic plan to pursue long-term growth outside core business with focus on specialty running market
INDIANAPOLIS, Sept. 1, 2011 — The Finish Line, Inc. (NASDAQ: FINL) today announced that it has invested $8.5 million to acquire the assets of and assume certain liabilities for an 18-store chain of specialty running shops with locations in Connecticut, District of Columbia, Florida, Maryland, Massachusetts, New Jersey, New York, and Texas with consolidated annual sales of approximately $19 million. The stores operate under banners such as Greater Boston Running Company, Texas Running Company, Georgetown Running Company, Princeton Running Company, New York Running Company and others.
The stores, the first of which opened in 1996, have earned a loyal following of serious runners who demand expert advice and precision-fitted running shoes and apparel. Key members of the chain’s management team and store leadership will remain in place following the acquisition. Finish Line also plans to keep the stores operating under their current banners and will retain the culture and outstanding customer service that have made them successful.
“This acquisition is an important step in our strategic plan to drive growth outside of our core Finish Line business,” said Chairman and Chief Executive Officer Glenn Lyon. “We have a tremendous growth opportunity within the specialty running business with this acquisition as the foundation of that growth. We plan to expand the number of stores and develop this chain’s first e-commerce capability as well as pursue other potential acquisitions in the specialty running business. The dedicated team we have in place to drive growth outside of our core business will focus on maximizing this opportunity, which clearly leverages our company’s strengths and core competencies,” Lyon concluded.
Finish Line management anticipates that due primarily to start-up costs, the acquisition will be dilutive to earnings by approximately $0.01 per share in fiscal year 2012.
About Finish Line
Finish Line is a premium retailer of athletic shoes, apparel and accessories. Headquartered in
Indianapolis, Finish Line operates 647 stores in malls across the United States. More than 11,000
Finish Line sneakerologists help customers each day connect with their sport, their life and their
style. Online shopping is available at http://www.finishline.com/ and mobile shopping is
available at m.finishline.com. Follow Finish Line on Twitter at Twitter.com/FinishLine and “like”
Finish Line on Facebook at facebook.com/FinishLineUSA.
Media Contact:
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Investor Contact: | |
Anne Roman Corporate Communications 317-613-6577 |
Ed Wilhelm Chief Financial Officer 317-613-6914 |