Vestis Retail Group, owners of Bob's Stores and Eastern Mountain Sports, signed an agreement to acquire Sport Chalet (NASDAQ:SPCHA).
Following the acquisition, the combination of the retailer's 50 stores in the western United States, and the existing east coast businesses, will create one of the largest sporting goods retailers in the country, totaling more than 150 stores and $800 million in sales for the year ending December 2013.
"We are very excited to add Sport Chalet to the Vestis portfolio – Sport Chalet greatly strengthens our position in the active lifestyle and outdoor categories, provides scale from which to grow, and diversifies our geographic footprint," said Mark Walsh, CEO, Vestis. "Sport Chalet is in the midst of a transformation that is making technology and customer service central to its operations. It has made significant strides recently, as evidenced by its market-leading position in California, its Action Pass customer loyalty program and its strong mobile sales platform."
Craig Levra will remain chairman, CEO and president of Sport Chalet, running his business out of Los Angeles. Vestis does not anticipate the closing of any Sport Chalets as a result.
Levra commented that the maneuver was methodically planned over the past year as a way to broaden the company's geographic reach.
-See this Vestis press release
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