Reviewed by: Pat Byington
Birmingham-based Hibbett, Inc. to be bought by UK sports retailer for $1.1 billion
Huge news in Birmingham! JD Sports—the largest sports retailer in the United Kingdom—has agreed to purchase Birmingham-based Hibbett, Inc. for a whopping $1.1 billion.
Read on to learn more about Hibbett, Inc., the purchase and what this means for The Magic City.
Hibbett, Inc. to be sold in $1.1B deal
On Tuesday, April 23, Hibbett, Inc. announced that JD Sports Fashion agreed to purchase all outstanding Hibbett shares in the second half of 2024. According to a Hibbett press release, the purchase price was $87.50 a share—roughly $1.1 billion total.
“Today’s announcement is a true testament to all that our Hibbett | City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners, and our team of dedicated colleagues across the country.
JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves. We are thrilled to begin this new chapter with JD Sports, and believe the transaction will enable us to fulfill our customer-oriented mission even more effectively for years to come.”
Mike Longo, President and Chief Executive Officer of Hibbett
Dating back to 1945, Hibbett sells a variety of footwear, apparel and sporting equipment from brands like Nike, Jordan, New Balance, adidas and more.
In addition to its headquarters in The Magic City, Hibbett operates a total of 1,169 locations in 36 states under its brands:
- Hibbett
- City Gear
- Sports Additions
What does the sale mean for Birmingham?
Once JD Sports completes the purchase—which is expected to close in the second half of 2024—Hibbett, Inc. will join the JD Sports family of brands. Luckily, Hibbett will keep its corporate headquarters right here in The Magic City 🥳
Mike Longo will continue his role as Hibbett’s President and Chief Executive Officer, while Hibbett Executive Vice President Jared Briskin will step up as Chief Operating Officer.
Once the transaction is complete, Hibbett, Inc. will no longer be a publicly traded company.
Do you support the sale of Hibbet, Inc. to JD Sports? Comment on our Instagram post below 👇
