EVERETT, WA, Jul 13, 2010 (MARKETWIRE via COMTEX) -- Zumiez Inc. (NASDAQ: ZUMZ), a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today announced that the Company has elected to discontinue its pursuit of an acquisition of Canadian action sport retailer West 49 Inc.
On July 9, 2010, West 49 issued a press release announcing that Zumiez had advised West 49 that, subject to a satisfactory due diligence review in its sole discretion, it would be prepared to make an offer, that would not be subject to a financing condition, to acquire all of the outstanding common shares and preferred shares of West 49 for a cash price in excess of C$1.30 per share.
The decision today by Zumiez to discontinue its pursuit of an acquisition of West 49 is a result of not being able to reach an agreement with West 49 on the terms of the due diligence process.
Zumiez is a leading specialty retailer of action sports related apparel, footwear, equipment and accessories. Our stores cater to young men and women between ages 12-24, focusing on skateboarding, surfing, snowboarding, motocross and BMX. As of July 3, 2010 we operate 389 stores, which are primarily located in shopping malls and our web site address is www.zumiez.com.