COLUMBUS, Ohio -- DSW said that it will acquire its largest shareholder Retail Ventures and turn it into a wholly owned subsidiary, helping to simplify its relationship.
According to the shoe retailer, the two companies signed a merger agreement, under which DSW will give stockholders 0.435 of a DSW share for each share they hold of Retail Ventures.
Retail Venture holds a 62% stake in DSW.
DSW also announced that its fourth-quarter revenue rose to $468.5 million from $402.6 million. Same-store sales were up 14.9% for the quarter, which ended Jan. 29.