DSW Inc (NYSE: DSW) has completed its previously announced purchase of a 49.2% interest in Canadian footwear and accessories retailer Town Shoes Ltd. The final acquisition price was $75.5 million. DSW bought the stake from Alberta Investment Management Corp (AIMCo) and other minority investors. AIMCo and Canadian private equity firm Callisto Capital together acquired a majority position in the Toronto-based Town Shoes in 2012. DSW said that its initial stake provides 50% voting control and board representation equal to the primary remaining shareholder, Callisto. With headquarters in Columbus, Ohio, DSW is a branded footwear and accessories retail company.
DSW Inc. Completes Acquisition of Initial Interest in Town Shoes
Company Announces First Quarter Earnings Reporting Date
COLUMBUS, Ohio, May 12, 2014 /PRNewswire/ — DSW Inc. DSW +2.61% , a leading branded footwear and accessories retailer, announced the closing of its initial acquisition of Town Shoes Limited, the largest footwear and accessories retailer in Canada, for CAD$75.5 million (USD$68.7 million) in cash. DSW Inc. acquired a 49.2% interest in Town Shoes from certain clients of Alberta Investment Management Corporation (AIMCo) and other minority shareholders. DSW Inc.’s initial stake provides 50% voting control and board representation equal to the primary remaining shareholder, Callisto Capital.
Peter J. Solomon Company served as financial advisor to DSW Inc.
The Company plans to release its first quarter earnings results on Wednesday, May 28, 2014, before the market opens, with management hosting a conference call at 8:30 am Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-888-317-6003 (passcode:6100425) in the U.S. or 1-412-317-6061 outside the U.S. approximately ten minutes prior to the start of the call. The conference call will also be webcast live at http://dswinc.investorroom.com . A telephone replay of this call will be available until 9:00 a.m. Eastern Time on June 4, 2014 and can be accessed by dialing 1-877-344-7529 in the U.S. or 1-412-317-0088 outside the U.S. and entering conference number 10045789.
About DSW Inc.
DSW Inc. is a leading branded footwear and accessories retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear and accessories for women, men and kids. As of May 15, 2014, DSW Inc. will operate 410 DSW stores in 42 states, the District of Columbia and Puerto Rico, and operates an e-commerce site, http://www.dsw.com , and a mobile website, http://m.dsw.com . DSW Inc. also supplies footwear to 360 leased locations in the United States under the Affiliated Business Group. For store locations and additional information about DSW, visit http://www.dswinc.com .
About Town Shoes Limited
Town Shoes Limited is the largest specialty retailer focused on branded footwear products in Canada with 182 stores nationwide. Town Shoe stores are located in leading shopping centers and cater to fashionable customers who seek the latest styles from the world’s leading footwear brands. Town Shoes was founded over sixty years ago on May 15, 1952 by Leonard Simpson, who opened the first Town Shoes stores in Sunnybrook Plaza, Canada’s first shopping center. Town is based in Toronto, Ontario. For more information, visit http://www.townshoes.com .
The information contained or incorporated by reference in this press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management. These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the ability to recognize the expected benefits of the investment and the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission. One or more of these factors could affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements contained or incorporated by reference in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included or incorporated by reference herein, the Company, or any other person should not regard the inclusion of such information as a representation that the objectives and plans of the Company will be achieved. All forward-looking statements contained or incorporated by reference in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.
SOURCE DSW Inc.
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