Canadian sporting goods retailer The Forzani Group Ltd has announced plans to acquire Toronto-based athletic and recreational apparel and footwear retailer Athletes World Limited. Struggling Athletes World sought and obtained protection under the Companies' Creditors Arrangement Act on October 30.

Athletes World's most recently reported annual revenues totalled $186 million and it currently operates 138 stores. It will seek court approval of the transaction later this week and it is hoped that the transaction will close at the end of November.

Athletes World's office staff, store employees and operational functions are expected to remain in position.

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