Evansville-based Shoe Carnival announced Tuesday afternoon that it plans to buy a Midwestern footwear chain, which will grow the company to nearly 430 stores.
According to a news release from the company, Shoe Carnival will pay $45 million, entirely in cash on hand, to purchase Rogan Shoes, described as “a 53-year-old work and family footwear company with 28 store locations in Wisconsin, Minnesota and Illinois.”
Shoe Carnival officials described the acquisition as part of a strategy to grow into the nation’s leading family footwear retailer. It brings the company’s employee total to about 6,000.
“With the acquisition, (Shoe Carnival’s) store count increases to an all-time high of 429, keeping the company on track to achieve its target to operate over 500 stores in 2028,” the news release states.
“Our growth strategy is focused on becoming the nation’s leading family footwear retailer through a combination of organic growth initiatives and (merger and acquisition) activity that expands our geographic footprint and customer base,” Shoe Carnival President and CEO Mark Worden said in the release.