The Athlete's Foot Announces New $38 Million Line of Credit with Wells Fargo Retail Finance

The Athlete's Foot is pleased to announce the completion of a $38 million line of credit with Wells Fargo Retail Finance.

This independent facility will provide working capital and assist in further expansion for the athletic footwear retailer.

The company plans to add 120 new Franchise stores this year, 80 of which will be in international markets. The company has recently added Mexico to its list of international locations and will open new stores in Europe, Australia, Asia and South America.

Franchise growth in the United States is on track with new openings in markets such as Atlanta, Florida and Detroit. Additionally, The Athlete's Foot recently announced an exciting relationship with Athletes Building Better Communities (ABBC) whose organization includes members of the 1999 NFL Super Bowl contenders, The Tennessee Titans, for development of franchise stores in Tennessee.

"I am particularly pleased to report that The Athlete's Foot continues to experience record growth around the world," stated Robert J. Corliss, president and CEO of The Athlete's Foot. "Our relationship with Wells Fargo Retail Finance is important in helping The Athlete's Foot expand and secure our position as the world's definitive expert in athletic footwear." Corliss added, "The timely and successful completion of repositioning the company through elimination of unproductive assets, plus the news regarding our new bank line and exciting recent growth, contribute to a solid foundation for success. I am particularly grateful to those that have unfailingly supported The Athlete's Foot since 1971."

The Athlete's Foot has recently completed a successful repositioning of the company through the elimination of unproductive assets including under-performing stores and aged inventory. In addition, the company is aggressively rolling out its prototype stores and proprietary, state-of-the-art FitPrint technology in the United States and abroad. The technology provides a customer information on their specific foot type in order to choose the best athletic shoe by identifying and measuring pressure points through different phases of the customer's gait.

The Athlete's Foot is a privately owned international athletic footwear retailer, operating more than 750 corporate and franchise stores in 45-plus countries. The company was named "Trendsetter of the Year" by Sports Trend magazine, a leading sporting goods industry publication. It has also been named Success magazine's number one Franchise Opportunity and Entrepreneur International magazine's eighth largest global retail franchisor.