An Indiana-based shoe retailer has purchased a family-owned Alabama company that operates shoe stores in five states across the Southeast in a $67 million deal.
Shoe Carnival Inc., with headquarters in Evansville, said Friday it had acquired the Mobile-based Shoe Station Inc.
“Coming on the heels of our best quarter of our best year in our 43-year history, this deal accelerates our journey toward becoming a multi-billion dollar retailer in the years ahead,” Shoe Carnival chief executive Mark Worden said in a statement.
Before the acquisition, Shoe Carnival operated 377 stores in 35 states and Puerto Rico. Shoe Station, described as one of the nation’s largest independent shoe retailers, has 500 employees and 21 locations in Alabama, Florida, Georgia, Louisiana and Mississippi.
With the addition of Shoe Station, Shoe Carnival said it expects to exceed 400 stores by the end of 2022 on a path toward double-digit growth in new stores in the years ahead.