Genesco isn’t ruling out new owners
Even though the company has already rejected two offers from Foot Locker Inc., Genesco Inc. isn’t ruling out a possible sale. The retailer has retained Goldman Sachs & Co. to help evaluate strategic alternatives.
Genesco, No. 325 in the Internet Retailer Top 500 Guide, has retained Goldman Sachs & Co. to help evaluate strategic alternatives.
In April Genesco rejected Foot Locker Inc.`s unsolicited proposal to acquire all of the outstanding shares of the company for $46 a share in cash and nixed a follow-up proposal in May for $51 per share. But the company continues to look for other possible bidders. “The board of directors will work together with the management team and its legal and financial advisors to evaluate available alternatives,” Genesco says. Foot Locker is No. 44 in the Internet Retailer Top 500 Guide.
Genesco sells footwear, headwear and accessories in more than 2,000 stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Cap Factory, Head Quarters and Cap Connection. Its webs sites are Journeys.com, JourneysKidz.com, UndergroundStation.com, JohnstonMurphy.com, Lids.com, HatWorld.com and Lidscyo.com.
For the 2007 fiscal year, Genesco reported net earnings of $67.6 million on revenue of $1.46 billion vs. net earnings of $62.6 million on revenue of $1.28 billion in fiscal 2006.
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