Lax World, the Baltimore, MD. based chain of lacrosse retail stores, has been purchased by two former Jos. A. Bank executives. The new owners have stated plans to aggressively expand the lacrosse chain.
According to the Baltimore Business Journal, Frank Barbarino, formerly VP and general merchandise manager for Jos. A. Bank, has teamed up with Micheal Stewart, a former VP of planning and allocation at Jos. A. Bank, and Bobby Martino, a VP at Lax World who has been at the chain for 23 years, to purchase the company from previous owner Jim Darcangelo. Darcangelo was one of the original founders of Lax World.
The purchase price was not disclosed.
The Baltimore Business Journal reports as well as one from the Baltimore Sun indicated that the new owners plan to open 40 to 50 stores, both in existing and new markets, in the
next five to six years. They also want to improve the website to
increase online sales and expand the wholesale business, which now
accounts for about 45 percent of sales and targets lacrosse programs and
teams. Lax World sells to Johns Hopkins University, Towson University and Loyola University Maryland and others.
Lax World operates 11 stores. They include five in Maryland, three in Georgia, two in Virginia and one in Colorado.