Gart Sports Co. (Denver) completed its acquisition of Houston-based Oshman's Sporting Goods, Inc. yesterday when shareholders of both companies approved the previously announced transaction (valued at approximately $99 million based on Gart's closing stock price yesterday).
As previously reported, the combined company will be managed from Gart Sports'corporate headquarters in Denver. With the addition of the 58 Oshman's stores, Gart will operate 178 stores in 25 states. Collectively, Gart Sports and Oshman's generated revenue of approximately $1.1 billion during the fiscal year ended February 3, 2001.
“This acquisition clearly strengthens our position in the western half of the United States,” said Doug Morton, chairman, president ceo of Gart Sports, “and has provided us with another strong brand name and loyal customer base.”
Gart Sports is the second largest full-line sporting goods retailer in the United States — and the leader in the Western United States – operating 178 stores in 25 states under the Gart Sports, Sportmart and, now, Oshman's Sporting Goods names. Despite a recent bout of management changes, slipping sales and store closings, The Sports Authority (Ft. Lauderdale, Fla.) is still Number One in the category, with 200 stores, most of them over 40,000 square feet, in 32 states, and 2001 sales of $1.5 billion.