Foot Locker Inc. said on Monday that it entered a deal to sell its team sales business to BSN Sports, a division of team athletic gear provider Varsity Brands.
The retailer is divesting the entirety of its assets under the Eastbay team sales business, which supplies footwear, apparel and equipment to team to high school and college athletes. According to Foot Locker, team sales accounted for less than 1% of the company’s annual consolidated sales. Foot Locker will also merge the Eastbay.com retail website into the Champs Sports banner, in line with a plan to consolidate the two banners that started in 2019.
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Starting in Q3 of fiscal 2022, performance footwear, apparel, and equipment from Eastbay.com will be moved to ChampsSports.com and select retail locations.
The deal, the terms of which were not disclosed, is set to close in the coming weeks. Investment banking advisory firm Evercore will be the financial advisor and Morrison Cohen LLP will serve as legal counsel for Foot Locker.
“We are very pleased for the Team Sales business to become part of BSN SPORTS,” said Foot Locker Inc. CEO and chairman Richard Johnson. “For more than three decades, the Team Sales business has connected directly with high school coaches and athletic directors across the U.S. to offer the best performance product and a premium service level, and we are confident that the business and its experienced team of professionals have a promising future as part of the BSN SPORTS organization.”
Eastbay Team Sales, founded in 1980 as a way to serve athletes in Central Wisconsin, was acquired by Foot Locker in 1997. BSN Sports is a leader in the team sporting goods industry that works with teams and coaches across the U.S.
“We are excited that the employees of Eastbay Team Sales will be joining the BSN SPORTS family, which is dedicated exclusively to serving athletes, athletic directors and coaches who impact more lives in a year than most people do in a lifetime,” said BSN Sports president Terry Babilla. “This dedicated approach means that our new Sales Professionals will benefit from the best and broadest inventory selection, leading design and customization tools and support resources as they deliver the stellar service experience all customers deserve.”
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