Fox Wizel : to set up chain of Nike stores in Canada

April 23Fox-Wizel Ltd. (TASE: FOX) notified the Tel Aviv Stock Exchange this morning that an agreement was signed last week between its 90%-owned subsidiary Retailors and Nike Canada Corp. under which Nike awards Retailors a license to set up a chain of stores in Canada (apart from British Columbia) to sell Nike-brand footwear, clothing, and sports accessories.

The agreement is for seven years. Retailors will found a wholly-owned Canadian company under the name of Canco to operate the retail chain in Canada. Stores will open in accordance with an agreed business plan.

Fox-Wizel reported that Retailors would finance the launch of the new chain. The investment over the first three years of the license period is estimated at NIS 15 million.


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