904 356-JOBS (5627)

904 356-JOBS (5627)

Shoe Carnival makes first acquisition (Courtesy of the Jacksonville Daily Record) — More than three decades after Wayne Weaver acquired control of the footwear chain, Shoe Carnival Inc. made its first acquisition.

The Evansville, Indiana-based company still controlled by the former Jacksonville Jaguars owner said Dec. 3 it bought Shoe Station Inc., a relatively small chain, for $67 million in cash.

Mobile, Alabama-based Shoe Station operates 21 stores in Florida, Georgia, Alabama, Mississippi and Louisiana.

Shoe Carnival has 377 stores in 35 states and Puerto Rico.

Shoe Carnival said in a news release the deal gives the company a complementary platform that will serve a broader customer base.

“This deal accelerates our journey toward becoming a multibillion-dollar retailer in the years ahead,” CEO Mark Worden said in a news release.

Shoe Station operates 21 stores in Florida, Georgia, Alabama, Mississippi and Louisiana.

The company had sales of $1.017 billion in the first nine months of fiscal 2021.

Weaver is chairman of Shoe Carnival and its largest shareholder, controlling 29% of the stock along with his wife, Delores.

Weaver acquired control of the company in 1989 when it had a handful of stores.

It had less than 50 stores by March 1993 when he took the company public, about the same time he became the lead investor in a group trying to bring an NFL expansion franchise to Jacksonville.

Weaver’s group was awarded the Jaguars’ franchise in November 1993.

Shoe Carnival grew substantially in its first full year as a public company, opening 30 stores to bring the chain to 87 locations at the end of fiscal 1994.

The company has continued to grow organically before adding stores by acquiring Shoe Station.

Photo courtesy of AL.com