The owners of the Champion Sports chain have sold eleven of their outlets to the US multinational Foot Locker Inc. Neither party would disclose the terms.
Champion Sports Group Ltd is to continue to operate its other 13 outlets and intends to open four new stores next year.
The group is owned by Mr Liam Cunningham, Mr Patrick McKillen and Mr Paul McGlade, according to the latest annual return on file in the Companies Registration Office. None of the shareholders could be contacted.
A statement issued by the group said it was pleased with the deal.
"The co-operation between the management teams of both companies facilitated a mutually beneficial transaction. The completion of this transaction will allow our company to better focus on our remaining 13 larger stores that are located in high profile areas."
The company said it intends opening new outlets in Dundrum, Dublin; Mahon Point, Cork; Newry, Co Down; and Carlow. The Dundrum outlet is to be 12,000 square feet in size.
In a statement issued to the New York Stock Exchange, the speciality athletic retailer disclosed the purchase which, it said, would mean Foot Locker would operate "approximately 485 stores in 14 countries throughout Europe by the end of 2004."
The US company said the Irish outlets were located mainly in the Dublin area and had an average floor area of 4,000 square feet. Staff have been asked to continue working at the outlets.
"We are very pleased with this transaction and to open Foot Locker stores in the Republic of Ireland," said Mr Matthew D Serra, chairman and chief executive officer of Foot Locker.
"The annual sales of these acquired stores are expected to be in line with the average of the company's other stores that operate in Europe.
"It is further expected that the acquisition will be accretive to Foot Locker Inc's fully diluted earnings per share in 2005."
Foot Locker has 4,000 outlets in 17 countries in North America, Europe and Australia. It earned $209 million (€166 million) on sales of $4.78 billion in its last fiscal year.
The most recent accounts filed for Champion Sports Group Ltd are for the year to end December 2001. Turnover that year for the group was €60 million and profits before tax were €1.17 million.
During that year the group opened its first outlet in Paris, according to the accounts. The number of staff employed by the group was 605.
Mr McKillen is a very successful businessman who sold DC Exhausts a number of years ago and proceeded to build up a substantial property portfolio. He is also a partner in the Jervis Centre.
