Genesco Announces Definitive Agreement For The Sale Of Lids Sports Group And $125 Million Share Repurchase Authorization
Genesco Inc. (GCO)
Last genesco inc. earnings: 3/12 06:50 am
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US:NYSE Investor Relations:
genesco.gcs-web.com/investor-overview
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Source: PR Newswire
NASHVILLE, Tenn., Dec. 14, 2018 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) announced today that the Company has entered into a definitive agreement for the sale of the Lids Sports Group for $100 million in cash subject to adjustment for a normalized level of working capital to FanzzLids Holdings, a holding company controlled and operated by affiliates of Ames Watson Capital, LLC. Ames Watson is the owner of Fanzz, a specialty retailer of officially licensed sports apparel. Fanatics Inc., a leader in sports licensing and ecommerce, will make a minority investment in FanzzLids Holdings in connection with entering into a commercial arrangement with that holding company. The transaction, which is subject to customary closing conditions, is currently expected to be completed at the end of Genesco's current fiscal year.Genesco Chairman, President and Chief Executive Officer Robert J. Dennis said, "We are pleased to have reached an agreement to sell the Lids Sports Group to a buyer with expe
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