DSW Inc is entering the Canadian footwear retail market by acquiring a 44 percent stake in one of Canada's largest shoes and accessories retailer, Town Shoes Ltd, for C$68 million ($62.05 million), the two retailers said on Tuesday. The Columbus, Ohio-based DSW said it had been looking to enter Canada "for some time" and that it may purchase additional shares from other minority shareholders as part of its initial investment.DSW also has the right to purchase the rest of the stake from the remaining shareholders after four years at a pre-determined earnings multiple, the company said.Toronto-based Town Shoes is mostly owned by Alberta Investment Management Corporation (AIMCo) and Canadian private equity firm, Callisto Capital. DSW's 44 percent stake was purchased from AIMCo.Town Shoes, which operates more than 180 locations in Canada under various banners, said it had sales of C$291 million for the fiscal year ending January, 2014.
DSW Inc. (DSW) is a United States branded footwear and accessories specialty retailer operating 326 shoe stores in 40 states as of January 28, 2012, and dsw. Shares of DSW traded higher by 0.75% or $0.26/share to $34.91. In the past year, the shares have traded as low as $31.20 and as high as $47.55. On average, 1091380 shares of DSW exchange hands on a given day and today's volume is recorded at 160223.
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