The Forzani Group Ltd./Le Groupe Forzani Ltee

The Forzani Group Ltd./Le Groupe Forzani Ltee

November 21, 2007 15:49 ET

The Forzani Group Ltd. Announces Acquisition of Athletes World

CALGARY, ALBERTA--(Marketwire - Nov. 21, 2007) - The Forzani Group Ltd. (TSX:FGL), Canada's largest retailer of sporting goods, today announced its proposed acquisition of Athletes World Limited. On October 30, 2007 Athletes World, a national retailer of athletic and recreational footwear and apparel, sought and obtained protection under the Companies' Creditors Arrangement Act. The 100% acquisition of Athletes World, which is headquartered in Toronto, Ontario, will be financed through existing credit facilities. In its most recently completed fiscal year, Athletes World generated $186 million in revenues, and currently operates 138 stores. Athletes World Limited will seek court approval of the transaction later this week. If that approval is granted, it is expected that the transaction will close at the end of November subject to the satisfaction of conditions customary in a transaction of this nature. Following the acquisition, FGL intends to support the continuation of the restructuring of Athletes World under the CCAA.

The acquisition of Athletes World represents a great opportunity for FGL to add another recognized national banner. FGL management believes that FGL's buying power, operational expertise and experience will provide the necessary platform on which to base Athletes World's long-term profitability upon its emergence from CCAA proceedings. In order to maintain Athletes World's positioning and identity, FGL anticipates that Athletes World will, as it has with its other banners, maintain dedicated office staff, store employees and operational functions. Once the proposed acquisition is completed, senior management of FGL will host a conference call to discuss the acquisition and its plans for the Athletes World banner.

The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under corporate banners: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports and Hockey Experts. The Company also retails on-line at and provides a content rich sporting goods information site at The Forzani Group is also a franchisor under the banners: Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop, Pegasus, The Fitness Source and Nevada Bob's Golf.

The foregoing information may contain forward-looking statements relating to the future performance of The Forzani Group Ltd. Forward-looking statements, specifically those concerning future-performance, are subject to certain risks and uncertainties, and actual results may differ materially. The Company, with the appropriate securities commissions, details these risks and uncertainties from time to time.

Contact Information

  • The Forzani Group Ltd.
    Robert Sartor, C.A.
    Chief Executive Officer
    (403) 717-1342
    The Forzani Group Ltd.
    Bill Gregson, C.A.
    President & Chief Operating Officer
    (403) 717-1386