Finish Line has agreed to sell itself to a United Kingdom-based sportswear company that was trying to get a foot in the US. Finish Line has made the move to try and save its slumping apparel line.
JD Sports Fashion has reached a deal to take over the Indianapolis-based Finish Line for around $558 million. Finish Line has 556 stores, as well as branded floor space in 375 Macy’s locations. The company has around 13,000 employees.
Finish Line has been struggling for some time in the declining mall foot traffic. Sales at stores open at least a year have gone down 7.9% in the company’s fourth quarter, Finish Line has stated Monday.
The environment was “more challenging than we expected,” CEO Sam Sato said in a statement.
JD Sports Fashion and Finish Line will now combine into “”a leading global, premium, a multichannel retailer of sports, fashion and outdoor brands who embraces the latest online and in-store digital technology,” Finish Line said in a statement.