Another heady buy for Genesco
Posted on November 4, 2009 at 7:40 am
The Nashville-based retailer has acquired Sports Fan-Attic, a chain of 37 stores in seven states, adding another headwear brand to an arsenal it’s been building up since 2004. The companies aren’t disclosing the deal’s price just yet, but if Sports Fan-Attic’s valuation is in line with Genesco’s deals for Hat World and Hat Shack, it was worth about $13 million to Genesco, whose shares (Ticker: GCO) fell almost 2 percent after hours Tuesday.
“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.”
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Browsing Genesco’s Q4 call transcript
Posted on March 5, 2009 at 11:48 pmIf we can just make it through this…
Genesco captain Robert Dennis sees good things for his crew in the long run.
The competitive landscape is likely to be much cleaner when this is over. It is likely that a number of retailers, especially small independent operators, will not survive. We expect to be a relative beneficiary of consolidation and see real potential to increase our market share.
Also on Genesco’s Q4 conference call:
- The company has acquired a small Wisconsin-based venture that markets branded apparel to high school coaches and teams. Said Dennis: ‘The team dealer business is consolidating and so this is our first step into it.’
- Dennis said the company’s Underground Station concept will continue to be whittled down – from 223 in 2007 to about 170 by the end of this year – but will not be shut down altogether. Too expensive.
- Unlike several other local companies, goodwill impairment will – fingers crossed – not be an issue. The company is carrying about $112 million on its books from buying Hat World in 2004.
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