Finish Line Exploring Strategic Alternatives For JackRabbit
The Finish Line, Inc. (NASDAQ: FINL) announced today that it is currently exploring strategic alternatives for JackRabbit, the Company's specialty running store chain, to further enhance shareholder value.
The Finish Line, Inc. (NASDAQ: FINL) announced today that it is currently exploring strategic alternatives for JackRabbit, the Company's specialty running store chain, to further enhance shareholder value. After a comprehensive review, the Company believes its long term growth strategy and profitability improvement plans align with simplifying the business to focus on the Finish Line brand and has decided to evaluate possible alternatives for JackRabbit including a potential sale. The Board of Directors and management team are currently working with Peter J. Solomon Company, LLC as their financial advisor and there is no definitive timeline or assurance that this process will result in a sale transaction. The Company does not intend to provide any further updates on this process unless or until the Board has approved a final decision. As a result of the exploration of strategic alternatives for JackRabbit, the Company expects to record a non-cash goodwill impairment charge in the third quarter of fiscal year 2017 of approximately $44 million. About The Finish Line, Inc. The Finish Line, Inc. is a premium retailer of athletic shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line has approximately 980 Finish Line branded locations primarily in U.S. malls and shops inside Macy's department stores and employs more than 14,000 sneakerologists who help customers every day connect with their sport, their life and their style. Online shopping is available at www.finishline.com and www.macys.com. Mobile shopping is available at m.finishline.com. Follow Finish Line on Twitter at Twitter.com/FinishLine or Twitter.com/FinishLineNews and "like" Finish Line on Facebook at Facebook.com/FinishLine. Track loyalty points and find store and product information with the free Finish Line app downloadable for iOS and Android customers. Finish Line also operates JackRabbit (previously referred to by the company as Running Specialty Group), which includes 70 specialty running stores in 17 states and the District of Columbia under the JackRabbit, The Running Company, Run On!, Blue Mile, Boulder Running Company, Roncker's Running Spot, Running Fit, VA Runner, Capital RunWalk, Richmond RoadRunner, Garry Gribble's Running Sports, Run Colorado, Raleigh Running Outfitters, Striders and Indiana Running Company banners. More information is available at www.jackrabbit.com or www.boulderrunningcompany.com. Follow the latest about the brand on Twitter at Twitter.com/JackRabbit or Instagram via @JackRabbitNYC. Forward-Looking Statements This news release includes statements that are or may be considered "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally can be identified by the use of words or phrases such as "believe," "expect," "future," "anticipate," "intend," "plan," "foresee," "may," "should," "will," "estimates," "outlook," "potential," "optimistic," "confidence," "continue," "evolve," "expand," "growth" or words and phrases of similar meaning. Statements that describe objectives, plans or goals also are forward-looking statements.