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Genesco selling Lids Sports Group to FanzzLids Holdings

30
Dec '18
Courtesy: Lids
Courtesy: Lids
Genesco is selling Lids Sports Group to FanzzLids Holdings, a holding company controlled and operated by affiliates of Ames Watson Capital. In this connection, the company has entered into a definitive agreement for selling the Lids Sports Group to FanzzLids Holdings for $100 million in cash subject to adjustment for a normalised level of working capital.

Ames Watson is the owner of Fanzz, a specialty retailer of officially licensed sports apparel. Fanatics, 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 experience in the licensed sports industry. Under new ownership, the very talented team at Lids will continue to have the opportunity to realise the potential in this business. We look forward to closing the transaction and devoting the full attention of Genesco's management team to the opportunities we see in a footwear-focused company."

Genesco expects that cash proceeds net of taxes and transaction-related costs, including a tax benefit estimated at approximately $29 million, will be used to repurchase shares of the company's common stock.

The company also announced that its board of directors has increased the company's existing authorisation to repurchase common stock to $125 million. The number of shares to be repurchased and the manner and timing of purchases will be determined by the company's management. (SV)

Fibre2Fashion News Desk – India


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