Nike Canada Corp. has awarded Fox-Wizel unit Retailors a seven-year license.
Fox-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.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Nike photo: Reuters