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FL » Topics » The Republic of Ireland

This excerpt taken from the FL 10-K filed Mar 29, 2005.

The Republic of Ireland

On October 18, 2004, the Company purchased 11 stores in the Republic of Ireland from the Champion Sports Group Limited, an athletic footwear and apparel company. The transaction was effected through a wholly owned subsidiary. The Company operates these stores under the Foot Locker brand as part of the Athletic Stores segment.

The Company has allocated the purchase price of approximately €13 million (approximately $17 million), inclusive of $1 million of direct costs related to the acquisition, based, in part, upon internal estimates of cash flows, recoverability and independent appraisals, and may be revised as more definitive facts and evidence become available. Pro forma effects of the acquisition have not been presented, as their effects were not significant to the consolidated results of operations.

The allocation of the purchase price is detailed below:


 		          (in millions)
 
Intangible assets — amortizing
                  $ 2    
Intangible assets — non-amortizing
                     3    
Goodwill
                     12    
Total assets
                     17    
Other amounts due and payable (1)
                     (1 )  
Cash paid as of January 29, 2005
                  $ 16    
 

(1)
   “Other amounts due and payable” includes professional fees related to the transaction.

3       Goodwill

The carrying value of goodwill related to the Athletic Stores segment was $191 million at January 29, 2005 and $56 million at January 31, 2004. The carrying value of goodwill related to the Direct-to-Customers segment was $80 million at January 29, 2005 and January 31, 2004.


 		          Jan. 31, 2004
      Acquisitions (1)
      Additions
      Other (2)
      Jan. 29, 2005

 		          (in millions)
 		     
Goodwill
                  $ 136               134                —               1            $ 271    
 

(1)
   Attributable to the acquisition of 349 Footaction stores and 11 stores in the Republic of Ireland.

(2)
   Includes effect of foreign currency translation.

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