Boot Barn Acquires Wood's Boots
Boot Barn Holdings, Inc. completed a transaction to acquire the four-store operations of Wood’s Boots, Inc., a family-owned retailer based in Midland and Odessa, Texas. As part of the transaction, Boot Barn purchased the inventory, entered into new leases with the stores’ landlord and offered employment to the Wood’s Boots team at all four store locations. Boot Barn funded the acquisition with cash on hand.
“We are pleased to further expand our store portfolio in the cities of Midland and Odessa. West Texas is a strong market for both western and work wear and this acquisition helps us bridge our Texas stores to those in New Mexico as we continue to build our national presence," said Jim Conroy, CEO. "Paul Wood has built a very strong customer following and has assembled a tremendous team of associates.”
Conroy added, “These stores will help accelerate our planned store openings for the year and demonstrate our commitment to filling in critical markets such as those in Texas.”
"I want to express my appreciation to the team members in the four locations who have provided exceptional service to our loyal customers and enabled us to build a great business," said Paul Wood, oresident of Wood’s Boots. "It is exciting to have Wood’s join Boot Barn, the leading western retailer in the country, and I am looking forward to seeing the opportunities that a national retail company can provide to our associates in the future."
Boot Barn also reports that all of its Houston-area employees are safe. The impact of Hurricane Harvey resulted in conditions that temporarily closed 20 Houston-area stores. All but two of these stores reopened within a week; the two stores that remain closed experienced significant flooding and will be closed until the damage is remediated.
Additionally, Boot Barn is grateful that all of its employees in the areas impacted by Hurricane Irma are also reported to be safe. While power outages make it difficult to say with certainty that Boot Barn has not experienced any damage to its stores, it does not believe there have been any significant storm-related losses beyond early closures and power outages.