Finish Line (FINL) Affirms Plans to Explore Options for JackRabbit Chain
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The Finish Line, Inc. (Nasdaq: FINL) announced that it is currently exploring strategic alternatives for JackRabbit, the Company’s specialty running store chain, to further enhance shareholder value. After a comprehensive review, the Company believes its long term growth strategy and profitability improvement plans align with simplifying the business to focus on the Finish Line brand and has decided to evaluate possible alternatives for JackRabbit including a potential sale.
(NOTE: It was recently reported that Finish Line would be looking at options for the unit.)
The Board of Directors and management team are currently working with Peter J. Solomon Company, LLC as their financial advisor and there is no definitive timeline or assurance that this process will result in a sale transaction. The Company does not intend to provide any further updates on this process unless or until the Board has approved a final decision.
As a result of the exploration of strategic alternatives for JackRabbit, the Company expects to record a non-cash goodwill impairment charge in the third quarter of fiscal year 2017 of approximately $44 million.
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