Dick’s Sporting Goods selling some Field & Stream stores
Dick’s Sporting Goods continues to pull back from the hunting category.
Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s to acquire eight Field & Stream locations. The total purchase price was put at $28 million for inventory and assets. Sportsman’s will sublease the eight locations from Dick’s.
The acquired Field & Stream stores will be rebranded to operate under the Sportsman’s Warehouse banner. Three are located in Pennsylvania, two in New York, two in North Carolina, and one in Michigan.
Dick’s has been steadily moving away from the hunting category, most notably from selling guns and ammunition. The retailer has said it is evaluating the strategy for its hunting business, including its 35-store Field & Stream division.
Sportsman’s Warehouse, which is based in Utah, said the acquisition was in line with its strategy to return to “a more typical store growth pattern, following a period of investment in omnichannel capabilities, technology, and debt reduction over the last two years.”
“We are very pleased to announce this opportunistic expansion of our current 95 store base through the acquisition of these eight Field & Stream locations, said Jon Barker, CEO, Sportman’s Warehouse. “Each of these stores operate in strong markets, with well-established customer bases.”
The transaction is expected to close on October 11, 2019 subject to customary closing conditions.