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Finish Line to sell Man Alive business


Indianapolis Finish Line said Monday that it will sell its underperforming Man Alive operations for about $7 million in cash.

The company said it will sell certain Man Alive assets and liabilities to Man Alive Acquisition LLC, which is controlled by Jimmy Jazz stores owner and operator Jimmy Khezrie. The agreement includes Man Alive's 75 retail stores under the Man Alive and Decibel names as well as their trademarks and tradenames.

Leasehold interests and lease liabilities are also included in the deal, along with intellectual property.

Finish Line had a $13.2 million loss from Man Alive for the year ended Feb. 28, 2009. The company said the sale will allow it to concentrate on its core operations.

“This transaction will allow us to exit our unprofitable Man Alive business and focus our time and resources on our successful core Finish Line business and thereby generate enhanced shareholder value," said Glenn Lyon, the company's CEO.

As part of the agreement, Finish Line will receive up to $5 million at closing with the rest of the payments being made in 12 equal monthly installments. The first payment will be made on the first day of the first month after the acquisition's completion.

The deal, which was approved by Finish Line's board, is targeted to close early next month. Man Alive's workers will be employed by Man Alive Acquisition LLC after the transaction is complete.

Finish Line has 685 of its namesake stores in 47 states and online.

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