The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

November 30, 2007 16:29 ET

The Forzani Group Ltd. Completes the Acquisition of Athletes World

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2007) - The Forzani Group Ltd. (TSX:FGL), Canada's largest retailer of sporting goods, today announced that it has completed the 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, was financed through existing credit facilities. In its most recently completed fiscal year, Athletes World generated $186 million in revenues, and currently operates 138 stores. FGL intends to support the continuation of the restructuring of Athletes World under the CCAA, and emerge from that process sometime in the new year.

Hilco Consumer Capital ("HCC") acted as advisors to FGL in the acquisition of Athletes World. HCC is a leading private equity firm that makes strategic investments in consumer product retailers, wholesalers, manufacturers and intellectual property.

Management will hold a conference call to discuss the acquisition and its plans for Athletes World on Tuesday, December 4th, 2007 at 10:00 am EST. Dial-in details are as follows:

Participant Number: 416-644-3414

Outside Toronto Number: 800-732-0232

The call will be recorded and available for replay until December 18th, 2007.

The number to call for the replay is 877-289-8525 with a passcode 21255828#.

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 www.sportmart.ca and provides a content rich sporting goods information site at www.sportchek.ca. 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
    or
    The Forzani Group Ltd.
    Bill Gregson, C.A.
    President & Chief Operating Officer
    (403) 717-1386
    Website: www.forzanigroup.com