Field and Stream to reopen as Sportsman’s Warehouse
The Altoona Field and Stream store has closed its doors and will soon reopen under a new name.
Midvale, Utah-based Sportsman’s Warehouse Holdings Inc. recently entered into an agreement with Dick’s Sporting Goods Inc. to acquire eight Field & Stream locations including the store in Altoona, which opened in October 2014.
The acquired stores will be operated as Sportsman’s Warehouse stores. Three are in Pennsylvania, two each in New York and North Carolina and one in Michigan.
The total purchase price of $28 million for inventory and assets will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the eight locations from Dick’s.
The Altoona store is expected to open Oct. 25.
This acquisition is consistent with Sportsman’s strategy to return to a more typical store growth pattern, following a period of investment in omni-channel capabilities, technology and debt reduction over the last two years, according to a release.
“We are very pleased to announce this opportunistic expansion of our current 95-store base through the acquisition of these eight Field & Stream locations. Each of these stores operate in strong markets, with well-established customer bases. We look forward to serving these communities with our continued strong commitment to provide outstanding gear and exceptional service to inspire outdoor memories,” said Jon Barker, chief executive officer in a statement.
Sportsman’s Warehouse is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and every enthusiast in between. The retailer’s mission is to provide outstanding gear and exceptional service to inspire outdoor memories, according to a company press release.