{"id":1262880,"date":"2024-04-23T10:52:43","date_gmt":"2024-04-23T15:52:43","guid":{"rendered":"https:\/\/www.snkrsday.com\/?p=1262880"},"modified":"2024-04-23T11:15:32","modified_gmt":"2024-04-23T16:15:32","slug":"jd-sports-is-buying-hibbett-1-billion","status":"publish","type":"post","link":"https:\/\/www.snkrsday.com\/jd-sports-is-buying-hibbett-1-billion\/","title":{"rendered":"JD Sports is Buying Hibbett For $1.08 Billion"},"content":{"rendered":"\n<h6 class=\"wp-block-heading\" id=\"h-the-english-footwear-company-plans-to-expand-its-u-s-presence-through-the-deal\">The English footwear company plans to expand its U.S. presence through the deal.<\/h6>\n\n\n\n<p><a href=\"\/tag\/jd-sports\">JD Sports<\/a> is once again shaking up the footwear industry as the English retailer plans to acquire <a href=\"\/tag\/hibbett-sports\">Hibbett Sports<\/a>, according to <a href=\"https:\/\/www.cnbc.com\/2024\/04\/23\/jd-sports-to-buy-us-rival-hibbett-in-1point08-billion-sportswear-deal.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>CNBC<\/em><\/a>.<\/p>\n\n\n\n<p>The addition of Hibbett adds to JD&#8217;s already-prolific portfolio as it has already acquired Shoe Palace (located on the West Coast) and DTLR (located on the East Coast). <\/p>\n\n\n\n<p>Currently, Hibbett has over 1,110 stores in 36 states nationwide. <\/p>\n\n\n\n<p>The deal arrives JD Sports&#8217; U.S.-rival, Foot Locker, &#8220;warned&#8221; on 2024 profits. Additionally, JD Sports believes that the upcoming Euro soccer championships, Paris Olympics and new styles of sneakers &amp; apparel will energize the market on both sides of the pond.  <\/p>\n\n\n\n<p>JD Sports will reportedly pay $87.50 per Hibbett share in cash, a 20% premium to the company&#8217;s last closing price. Hibbett\u2019s shares were up 18% to $85.70 in premarket U.S. trading.<\/p>\n\n\n\n<p>JD Sports expects to fund the deal and refinance Hibbett\u2019s existing debt through its U.S. cash resources of $300 million and a $1 billion extension to its existing bank facilities, per <em>CNBC<\/em>.<\/p>\n\n\n\n<p><em>Stay tuned to <a href=\"http:\/\/instagram.com\/nicekicks\">Snkrs Day<\/a> on Instagram and the <a href=\"\/sneaker-release-dates\">sneaker release dates<\/a> page for the latest news and drops.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The English footwear company plans to expand its U.S. presence through the deal. JD Sports is once again shaking up&hellip;<\/p>\n","protected":false},"author":328301,"featured_media":1262881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[1257701,541298],"cultivate_rss":[],"class_list":{"2":"type-post"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.0 (Yoast SEO v24.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JD Sports is Buying Hibbett For $1.08 Billion | Snkrs Day<\/title>\n<meta name=\"description\" content=\"JD Sports is buying Hibbett for $1.08 billion as the English company expands its U.S. presence. 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