May 8, 2000
Sunglass Hut To Buy Watch World
Sunglass Hut International has agreed to acquire Watch World International Inc., a New York City-based national chain of 118 watch-only stores and an e-commerce Web site.
Sunglass Hut adds the chain to its own Watch Station stores, which have sold popularly priced watches for several years. Sunglass Hut's 1,870 locations include 1,514 Sunglass Hut stores, 110 Watch Station stores and 246 combination sunglass-and-watch stores around the world as of April 29, 2000.
The purchase, expected to be completed in June, will double the number of watches the national chain will offer.
For the year ending Jan. 29, 2000, Watch World generated about $42 million in sales. Sunglass Hut International, based in Coral Gables, FL, operates stores worldwide and reported sales for 1999 of $636 million which generated about $80 million in earnings. The purchase price includes about $30 million comprised of cash, shares of Sunglass Hut common stock and assumed debt. Additional information about products, locations and corporate news is available at www.sunglasshut.com.
- by Michael Thompson