Evansville-based Shoe Carnival announced Tuesday afternoon that it plans to buy a Midwestern shoe chain, which will grow the company to nearly 430 stores.
According to a company press release, Shoe Carnival will pay $45 million, all in cash, to buy Rogan Shoes, which is described as “a 53-year-old work and family footwear company with 28 store locations in Wisconsin, Minnesota and Illinois.”
Shoe Carnival officials described the acquisition as part of a strategy to evolve into the nation's leading family footwear retailer. It brings the company's total workforce to around 6,000.
“The acquisition brings (Shoe Carnival's) store count to an all-time high of 429, keeping the company on track to reach its goal of operating over 500 stores by 2028,” the news release said.
“Our growth strategy is focused on becoming the nation's leading family footwear retailer through a combination of organic growth initiatives and (merger and acquisition) activity that expands our geographic footprint and customer base,” the president and CEO said in the release. of Shoe Carnival, Mark Worden.
Shoe Carnival reported sales of $1.176 billion in the fiscal year ended Feb. 3, “led by strong sales growth during the December holiday season.”
It ended the fiscal year with more than $110 million in cash, cash equivalents and marketable securities, an increase of more than $45 million over the previous year, according to preliminary results.
