EVANSVILLE, Ind. — Evansville-based Shoe Carnival said it has acquired another retailer: the privately held, family-owned Shoe Station, which operates stores in five Southeastern states.
The Shoe Station assets were obtained for $67 million.
“Coming on the heels of our best quarter of our best year in our 43-year history, this deal accelerates our journey toward becoming a multi-billion dollar retailer in the years ahead," Shoe Carnival President and CEO Mark Worden said in a news release.
It's the first acquisition in Shoe Carnival history. Shoe Carnival will own and operate Shoe Station's locations across the Southeast, and according to the news release.
Shoe Station’s current president and chief executive officer, G. Brent Barkin, will become the combined company’s senior vice president for new business development and integration.
“Shoe Carnival brings infrastructure and financial backing to significantly accelerate our Shoe Station brand growth,” Barkin said in the release. "Taken together, the two brands create a winning customer value proposition."
After the close of the acquisition, the combined company will have more than $100 million in cash on hand, consistent with cash reserves from the same period in fiscal 2020, according to the news release.
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