Just want to buy a pair of Finish Line right now? Finish Line.
The Finish Line is the second largest retailer of athletic apparel and footwear in the United States. Starting as a dream in 1976 by two very ambitious childhood friends in Indianapolis, Indiana, it operates over 600 stores in 48 states.
Ty Cohen and Terri Klapper owned a franchise of The Athlete’s Foot in Indianapolis in 1976. The quick growth to ten franchises by 1981 and a vision of expansion to others states were stopped by The Athlete’s Foot franchise rights being applicable within the state of Indiana only. Other people may have called it quits by then but Cohen and Klapper decided to start their own company to fulfill their dreams of going big. They decided to call their company ‘Finish Line.’
In order to raise the needed funds, they offered another childhood friend, Larry Sablosky an opportunity at a full partnership. A long time sales rep who was supplying goods to Cohen and Klapper, Dave Fagin, was also approached with the same offer. With two more partners and a sure working source of merchandise at hand, Finish Line opened at the Speedway Shopping Center in Speedway, Indiana.
The opening of another Finish Line outlet
Ten years later, the initial store expanded to 105 retail centers in the Midwest and Southeast. The partners could easily see the demand for this type of retail store so they made the company public in 1992. The Finish Line is traded on the NASDAQ as FINL.
A typical display inside a Finish Line store
They quickly grew over the next 6 years to 300 stores and then opened their online sales in July 1999. By 2002, there were 600 Finish Line brick and mortar stores and with its online sales, they were officially the second largest athletic retailer in the United States. A Finish Line store generally carries a selection of men’s, women’s and children’s athletic and lifestyle shoes, as well as an assortment of softgoods. Brand names offered by Finish Line include Nike, adidas, Puma, New Balance, Asics, Converse, Lacoste, K-Swiss, Reebok, Under Armour and many others. Over 3000 choices are available to the shopper online.
In a quick attempt to expand to other lines, the urban clothing retailer for men and women Man Alive (formerly named The Hang Up Shoppes, Inc.) was acquired in 2005 with an initial 37 stores in the Midwest. It offers tops, bottoms, jackets and outerwear, and accessories for men and ladies, as well as dresses for ladies. By 2006, 60 more Man Alive stores were opened.
2005 also saw a new division called Paiva (pronounced pie-vuh) opening with an initial 15 stores. This was supposed to cater to the female customers, stocking only upscale athletic clothing and shoes in mall-based stores and offer equipment, accessories, and apparel for running, fitness/dance, yoga, Pilates, and seasonal sports like tennis and swimming. Top athletic lines such as adidas by Stella McCartney, Nike, Adidas, Puma, Nuala, Fila, Prana, Asics, Brooks, Ellesse, Three Dots, Biella, OMgirl, Moving Comfort, Marika, Mari Dade, Under Armour, and Speedo were to be sold there and a private label named Paiva Essentials with tanks, tees, pants, and capris were made available as well.
2007 saw another attempt at diversification with a $1.5 Billion bid on Genesco, an athletic headgear, casual footwear, and accessories retailer that operated Journeys, Hat World, Lids, and Johnston & Murphy. Unfortunately, 2007 also saw a downturn on the Finish Line businesses and they had to close the Paiva’s 15 stores in 2007 to concentrate on their core operations.
Again, 2008 wasn’t too good for Finish Line either as their takeover attempt of Genesco ended badly, with litigation dropping the proposed merger plus Genesco receiving $39 Million from the Finish Line and 6.5 million shares of the company.
Nike and The Finish Line partnered for The Finish Line LTD
On the brighter side, Nike and Finish Line opened Finish Line Ltd, in 2008, a new concept store for runners and training athletes. There will be three sections – running, sport style and training. The Nike+ package with plus-enabled footwear, Nike+ Sport Kit and iPod Nano along with other running, training and sport-style brands will also be made available.
And, in hopefully the last in the strings of bad luck at Finish Line headquarters, the company had to sell off the Man Alive businesses to Jimmy Jazz in 2009 due to poor performance.
But not the company to quit, they came into an agreement to launch Vision Street Wear, a subsidiary of Collective Licensing International. Vision Street Wear has been known for their skateboarding fashion in the 1990s, although the company has been around since 1976.
To end on a positive note, the Finish Line ended 2009 very strongly, with their income up by $50.8 Million. At last count, they were operating 687 stores in 47 states. Considering the upturn the athletic stores are taking, it looks like the Finish Line will be supplying and outfitting athletes for a long time to come.
The Finish Line headquarters are located at:
3308 North Mitthoeffer Road
Indianapolis, IN 46236
United States
Phone: (317) 899-1022
Fax: (317) 899-0237
http://www.finishline.com
Purchase your own pair of Finish Line right now!
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