Footstar announced the expiration of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act in connection with its proposed sale of approximately 350 Footaction stores to Foot Locker, Inc. for $225 million in cash, subject to certain closing adjustments. The sale was approved by the U.S. Bankruptcy Court for the Southern District of New York in White Plains on April 21, 2004, and the Company now expects the transaction to close by the end of this week.
Dale W. Hilpert, Chairman, President and Chief Executive Officer, commented, “The expiration of the required waiting period paves the way for completion of the sale. We look forward to working with Foot Locker on a smooth transition and to refocusing on our core Meldisco business as we develop our plans to emerge from the Chapter 11 process.”
