Sportswear retailer Zumiez Inc and action sports retailer Fast Forward have signed a definitive agreement whereby Zumiez will acquire Fast Forward, a leading action sports retailer with 19 stores and a web store.
Of the 19 stores, 16 are in Texas, with one store in California and two stores in Oklahoma. Zumiez will fund the acquisition from cash on hand.
The transaction has been approved by the Zumiez board of directors and the owners of Fast Forward, and closing, which is subject to customary conditions including regulatory approvals, is expected in the 2nd quarter of fiscal 2006.
Rick Brooks, President and CEO of Zumiez Inc, stated, "We are excited about this transaction as Zumiez and Fast Forward are uniquely aligned in the rapidly expanding action sports retail landscape. Fast Forward gives us instant access to consumers in Texas, where we currently have just three stores, only two which overlap with Fast Forward. Additionally, Fast Forward's culture and product offerings mesh extremely well with ours. We believe that this acquisition will help further our strengthening position in the youth market."
Zumiez is a leading specialty retailer of action sports related apparel, footwear, equipment and accessories. Our stores cater to young men and women between ages 12-24, focusing on skateboarding, surfing, snowboarding, motocross and BMX.
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