"Man Alive has a proven store model, and it should be a fit with our organization from a strategic, cultural and operational viewpoint," says Alan H. Cohen, Finish Line's chairman and CEO, adding that the Man Alive chain represents a "highly compelling opportunity for store expansion."
According to the Hang Up Shoppes, Man Alive will achieve sales of about $30 million for its fiscal year ending Jan. 29, 2005. The Finish Line believes that if the transaction is consummated, probably later this month, it will boost earnings per share slightly for Finish Line's fiscal year ending Feb. 25, 2006.
Headquartered in Indianapolis, the Hang Up Shoppes operates 38 mall-based Man Alive stores primarily in the upper Midwest, but also in Georgia, Maryland and Virginia. Man Alive's targets the youth market (18-35), and its core product selection consists of men's and ladies' apparel, shoes and accessories and includes hip-hop and rap-inspired brands and fashions from designers such as Fubu, Phat Farm, Coogi and Iceburg.
Man Alive was founded by Barbara and Mandell Bublick in 1969 in Benton Harbor, MI. Currently their sons, Jeff, Ben and Dan, are executive officers of the business. Jeff Bublick, the Hang Up Shoppes' president, is expected to continue his position following the close of the transaction, and Ben Bublick and Dan Bublick are expected to remain in their roles of VP-merchandise and VP-store operations.
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