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Hat World acquires Sports Fan-Attic
05 Nov '09
3 min read
Genesco Inc. announced that its Hat World subsidiary has completed the acquisition of the assets of Sports Fan-Attic, a Tampa, Fla.-based retailer of licensed sports headwear, apparel, accessories, and novelties, with 37 stores in seven states, and revenues of approximately $30 million for the twelve months ended September 30, 2009. Terms of the acquisition were not disclosed.
Hat World President Kenneth Kocher said, "Sports Fan-Attic is a natural addition to Hat World's business, and we see the potential for meaningful operational synergies from this transaction. Our businesses appeal to the same core customer with products from a vendor base that overlaps considerably, and we share an approach to merchandising that focuses on tailoring a store's product selection to the local market. Additionally, we see great long-term potential for growing the Sports Fan-Attic store base, and look forward to bringing Genesco's collective strength in the mall real estate market and our experience in managing new store growth to that process."
Genesco President and Chief Executive Officer Robert J. Dennis added, "The Sports Fan-Attic team has built an impressive consumer franchise and maintained solid results, even in the current economic climate. We are excited to see Hat World add this new platform, which provides an additional opportunity for growth, both through organic new store growth and through future acquisitions of regional players in this highly fragmented market. Our ambition is to build a national chain with the same scale-based advantages that Hat World enjoys today, and we look forward to working with the Sports Fan-Attic leadership team to achieve this goal."
Cautionary Note Concerning Forward-Looking Statements
This release contains forward-looking statements, including those regarding the growth potential and future prospects of the Sports Fan-Attic business and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences. These include continuing weakness in the economy and other factors affecting demand for the Sports Fan-Attic product offering; factors affecting product supply or distribution, and other factors beyond Genesco's ability to control or predict.
Additionally, the performance of Genesco's and Hat World's other businesses, which are subject to risks and uncertainties including those discussed in Genesco's most recent annual report on Form 10-K and its subsequent quarterly reports on Form 10-Q and current reports on Form 8-K, as filed with the Securities and Exchange Commission, may impair their ability to implement successfully the plans and strategies reflected in certain of the forward-looking statements in this release. Genesco undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of Genesco at the time they are made. Genesco disclaims any obligation to update such statements.
Hat World President Kenneth Kocher said, "Sports Fan-Attic is a natural addition to Hat World's business, and we see the potential for meaningful operational synergies from this transaction. Our businesses appeal to the same core customer with products from a vendor base that overlaps considerably, and we share an approach to merchandising that focuses on tailoring a store's product selection to the local market. Additionally, we see great long-term potential for growing the Sports Fan-Attic store base, and look forward to bringing Genesco's collective strength in the mall real estate market and our experience in managing new store growth to that process."
Genesco President and Chief Executive Officer Robert J. Dennis added, "The Sports Fan-Attic team has built an impressive consumer franchise and maintained solid results, even in the current economic climate. We are excited to see Hat World add this new platform, which provides an additional opportunity for growth, both through organic new store growth and through future acquisitions of regional players in this highly fragmented market. Our ambition is to build a national chain with the same scale-based advantages that Hat World enjoys today, and we look forward to working with the Sports Fan-Attic leadership team to achieve this goal."
Cautionary Note Concerning Forward-Looking Statements
This release contains forward-looking statements, including those regarding the growth potential and future prospects of the Sports Fan-Attic business and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences. These include continuing weakness in the economy and other factors affecting demand for the Sports Fan-Attic product offering; factors affecting product supply or distribution, and other factors beyond Genesco's ability to control or predict.
Additionally, the performance of Genesco's and Hat World's other businesses, which are subject to risks and uncertainties including those discussed in Genesco's most recent annual report on Form 10-K and its subsequent quarterly reports on Form 10-Q and current reports on Form 8-K, as filed with the Securities and Exchange Commission, may impair their ability to implement successfully the plans and strategies reflected in certain of the forward-looking statements in this release. Genesco undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of Genesco at the time they are made. Genesco disclaims any obligation to update such statements.
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