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Finish Line increases stake in running division

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The Finish Line Inc. is increasing its stake in a running division in which it shares ownership with Denver-based Gart Capital Partners.

The Indianapolis-based athletics retailer said Friday that Gart will retain an ownership position in the Running Specialty Group and maintain two positions on its board.

Finish Line declined to disclose terms of the agreement or what percentage it now owns of the group.

Gart, a private equity firm, agreed in 2012 to invest $10 million in the chain. Finish Line started the Running Specialty Group the previous year by paying $8.5 million for an 18-store chain primarily on the East Coast and in Texas.

The chain since has grown to 49 locations in 11 states and topped $50 million in revenue in the company’s last fiscal year ended March 1.

“With Gart’s leadership, we have almost tripled the number of stores under the RSG banner,” Finish Line CEO Glenn Lyon said in a prepared statement. “We are at a milestone where, with Finish Line’s increased ownership, we will take our running specialty platform to a new level.”

Finish Line also announced the appointment of Bill Kirkendall as president of the Running Specialty Group. He will assume management of daily operations from Gart. Kirkendall served as a Finish Line director from 2001 until his resignation Thursday.

Finish Line operates 650 mall-based stores and 200 branded shops within Macy’s department stores.
 

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  1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

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  4. Jim, your "misleading" numbers comment is spot on. This is the spin these posers are putting on it. News flash, fans: these guys lie. They are not publicly traded so no one holds them accountable for anything they say. The TV numbers are so miniscule to begin with any "increase" produces double digit "growth" numbers. It's ridiculous to think that anything these guys have done has awakened the marketplace. What have they done? Consolidate the season so they run more races on consecutive weekends? And this creates "momentum." Is that the same momentum you enjoy when you don't race between August and March? Keep in mind that you are running teams who barely make ends meet ragged over the summer to accomplish this brilliant strategy of avoiding the NFL while you run your season finale at midnight on the East Coast. But I should not obfuscate my own point: any "ratings increase" is exactly what Jim points to - the increased availability of NBC Sports in households. Look fans, I love the sport to but these posers are running it off a cliff. Miles wants to declare victory and then run for Mayor. I could go on and on but bottom line for God's sake don't believe a word they say. Note to Anthony - try doing just a little research instead of reporting what these pretenders say and then offering an "opinion" no more informed than the average fan.

  5. If he's finally planning to do the right thing and resign, why not do it before the election? Waiting until after means what - s special election at tax payer expense? Appointment (by whom?) thus robbing the voters of their chance to choose? Does he accrue some additional financial advantage to waiting, like extra pension payments? What's in it for him? That's the question that needs to be asked.

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