The transaction amounts to 750 million US dollars and will be funded with the company's available cash.

WSS is an athletic-inspired retailer focused on the large and rapidly growing Hispanic consumer demographic, operating a fleet of 93 off-mall stores in key markets across California, Texas, Arizona, and Nevada. WSS's community-driven business benefits from deep relationships with customers – with approximately 80% of its sales coming from customers who are members of its loyalty program.

Through this transaction, Foot Locker believes it will "benefit from WSS's differentiated market position and complementary customer base and real estate portfolio", as WSS's assortment of classic styles can contribute to further "diversify Foot Locker's product mix".

Richard A. Johnson, Chairman and Chief Executive Officer of Foot Locker, Inc. commented: "WSS has built a successful, high-growth business by pioneering the neighbourhood-based store model, built on community engagement and a full-family offering. This acquisition enhances our product mix and provides access to a customer base and store footprint that are both differentiated from and complementary to our current portfolio. We are thrilled to welcome WSS's customers into the Foot Locker family, as well as join forces with their talented team. Looking ahead, we see significant opportunities to expand this business, including by accelerating WSS's store growth into new geographies in North America."

"Since WSS's inception 37 years ago, we have focused on meeting the needs of underserved communities while elevating our neighbourhoods, one step at a time. Through our WSS Cares! initiative and the support of Foot Locker, our mission to positively impact the communities we serve will continue. We are extremely proud to be a part of Foot Locker as they share our commitment to community!, added Eric Alon, Founder and Executive Chairman of WSS.

WSS will maintain its name, operating as a new banner in Foot Locker's portfolio. The transaction is expected to close late in the third quarter of 2021, subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of customary closing conditions.

This announcement takes place as Foot Locker also announced the acquisition of Japan-based atoms - READ ALL ABOUT IT HERE