Forzani Announces Important Organizational Change

CALGARY, ALBERTA–(Jan. 10, 2008) – The Forzani Group Ltd. (TSX:FGL), Canada’s largest retailer of sporting goods, today announced a reorganization that sees Tom Quinn assume the role of President for both the corporate and franchise businesses.
Tom Quinn joined the Forzani Group in 1994 and most recently held the title of President, Franchise. In his newly expanded role, Mr. Quinn will be responsible for all aspects of both the Franchise and Corporate Retail groups. Mr. Quinn is well qualified for this role with over 30 years of experience in retail and a proven track record building a highly successful franchise business.
“Tom has amply demonstrated his capability at the Forzani Group and he was the natural candidate for this newly expanded role,” says Robert Sartor, CEO. “I am very confident, as is our Board of Directors, in Tom’s ability to manage these new responsibilities.”
Building on solid performance, with strong teams in place on both the Corporate and Franchise side of the business, FGL is very well positioned to enact changes which will continue to drive the success of the organization. The focus continues to be on growing both revenues and margins, while working to streamline structures, pursuing best-practices, and becoming a more cost-efficient organization.
Bill Gregson, formerly President and COO, has left the organization to pursue other opportunities. Mr. Gregson joined the Forzani Group in 1997 as the Executive Vice President of Corporate Retailing and was appointed President and COO in 2003. “Bill has made a substantial contribution to the organization,” said Mr. Sartor. “His impact over the last ten years was significant.”
The reorganization is expected to result in a one-time charge to earnings of approximately $4.2 million.
The Forzani Group Ltd. is Canada’s largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop, Pegasus, Nevada Bob’s Golf, Hockey Experts, The Fitness Source and Athletes World. The Company also retails on-line at www.sportmart.ca and provides a content rich sporting goods information site at www.sportchek.ca.
The foregoing information may contain forward-looking statements relating to the future performance of The Forzani Group Ltd. Forward-looking statements, specifically those concerning expected reorganization costs and future performance, are subject to certain risks and uncertainties, and actual results may differ materially. The Company, in compliance with the reporting requirements of the Canadian securities commissions, details these risks and uncertainties from time to time.