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Regis To Acquire The Barbers

January 26, 1999

EDINA, Minn. (AP) _ Regis Corp. agreed to acquire The Barbers, Hairstyling for Men and Women Inc., in a stock deal worth about $58 million.

Regis is already the world’s largest owner, operator and franchiser of hair and retail salons, with some 3,600 units. By acquiring The Barbers, it will add another 979 franchised and owner-operated salons.

Members of The Barbers’ management, including President and Chief Executive Officer Fred Huggins Jr., will join the senior management team at Regis. Barbers Chairman Flo Francis, the widow of the company’s founder, will serve in an advisory capacity and John Francis, her son, will remain on the management team.

The deal will also make Regis the sole provider of salon services in Wal-Mart stores. The Barbers, based in Minneapolis, now has 187 Cost Cutter salons in Wal-Mart, and Regis has about 300 under the name SmartStyle.

The combined company will retain the Regis name and its headquarters in Edina, Minn.

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