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LONDON, UK / ACCESSWIRE / September 15, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Boot Barn Holdings, Inc. (NYSE: BOOT), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=BOOT. The Company, which is the largest lifestyle retail chain in the US, announced on September 12, 2017, that it concluded the acquisition of the four-store operations of Wood's Boots Inc. Wood's Boots is a family-owned retailer based in Midland and Odessa, Texas. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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An-All Cash Deal
- Boot Barn has funded the acquisition with its existing cash on hand. Other than that, the Company has not disclosed the full terms of the transaction yet.
- As a part of the deal, it has purchased the inventory, entered into new leases with the stores' landlord, and offered employment to the Wood's Boots team at all four store locations.
Deal Would Help Expand Boot Barn's National Presence
Jim Conroy, Chief Executive Officer at Boot Barns, expressed his pleasure on further expanding Boot Barn's store portfolio in the cities of Midland and Odessa. He mentioned that West Texas is a lucrative market for western as well as work wear.
The acquisition of Wood's Boots would help Boot Barn to bridge its Texas stores to those in New Mexico as the Company continues to enhance its national presence.
Mr. Conroy shared that Paul Wood has built a very robust customer following with a remarkable team of associates. The acquisition of Wood Boot's four store locations would help fast-track Boot Barn's planned store openings for the year. Thus, the deal highlights Boot Barn's commitment to filling in critical markets such as those in Texas.
Greater Opportunities for Wood's Boots
Paul Wood, President of Wood's Boots, shared his views about the deal. He acknowledged the efforts of his team members in the four locations, all of whom have consistently provided outstanding service to their loyal customers. This, according to him, has enabled Wood's Boots to build a great business. He stated that it is thrilling for Wood's to join Boot Barn, which is a leading retailer for western wear in the US. He looks forward to the range of opportunities that this national retail Company could offer to Wood's associates in future.
Impact Update on Hurricane
Apart from acquisition news, Boot Barn reported that all of its Houston-area employees are safe. Due to the Hurricane Harvey, around 20 Houston-area stores had to be temporarily closed. Out of these, 18 stores reopened within a week but the two stores that remain closed experienced substantial flooding. These will remain closed until the damage is remediated.
Fortunately, all of Boot Barn's employees in the areas impacted by Hurricane Irma are also reported to be safe. Currently, it is difficult for the Company to ascertain the damage to its stores, due to the power outages. However, the Company believes that there may not have been any significant storm-related losses beyond early closures and power outages.
About Boot Barn
Boot Barn is amongst the leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women, and children in the US. It has a loyal customer base to which it provides a wide selection of work and lifestyle brands.
As on September 12, 2107, Boot Barn operates 218 stores in 31 states, in addition to its ecommerce channel. Moreover, the Company also operates the sheplers.com site, which is the leading pure play online western and work retailer in the US. Sheplers has been part of the western, outdoor, and work lifestyle for over a decade now. Boot Barn has also operates the countryoutfitter.com, an ecommerce site selling to customers who live a country lifestyle.
Last Close Stock Review
On Thursday, September 14, 2017, the stock closed the trading session at $8.35, dropping 3.69% from its previous closing price of $8.67. A total volume of 156.13 thousand shares have exchanged hands. Boot Barn Holdings' stock price advanced 19.46% in the past three months. The stock is trading at a PE ratio of 15.78 and currently has a market cap of $227.70 million.
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