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JD Sports Has Proposed to Buy U.S. Rival Hibbett in a $1.08 Billion Sportswear Retail Deal

JD Sports Fashion has proposed to buy American athletic fashion retailer Hibbett Inc for about $1.08 billion, the companies said on Tuesday, as Britain’s biggest sportswear retailer looks to expand across the southeastern U.S.

The deal comes as shares in athletic clothing retailers come under pressure globally after weak outlooks from sports apparel makers such as Nike and Puma.

Last month JD’s U.S. rival Foot Locker also warned on 2024 profits, though Adidas last week hiked its 2024 forecast on strong demand for the German sportswear giant’s sneakers.

Read the source article at Yahoo Finance

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