Genesco's Hat World Agrees To Acquire Sports Avenue
NASHVILLE, Tenn., May 26, 2010 /PRNewswire via COMTEX/ --Genesco Inc. (NYSE: GCO) announced that its Hat World subsidiary has entered into an agreement to acquire the assets of Sports Avenue and related entities. Sports Avenue operates 46 retail stores across the United States and 13 ecommerce sites, selling officially licensed NFL, NCAA, MLB, NBA, NHL and NASCAR headwear, apparel and accessories, and had revenues of approximately $42 million for its most recent fiscal year. The transaction, which is subject to customary conditions, is expected to close in the second quarter of Genesco's fiscal 2011.
Cautionary Note Concerning Forward-Looking Statements
This release contains forward-looking statements, including those regarding expectations of whether the acquisition will close and when it will close, 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 factors include all those affecting the Company's or its subsidiaries business and financial condition generally, including consumer and wholesale customer demand and ability to pay for the Company's product offerings, disruptions or cost increases affecting product supply or distribution, and the outcome of litigation, investigations and environmental matters involving the Company. Other factors that could change expected outcomes include the Company's ability to close the transaction and integrate Sports Avenue's operations as planned and the continued performance of Sports Avenue as planned. Additional factors are cited in the "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of, and elsewhere, in our SEC filings, copies of which may be obtained from the SEC website, www.sec.gov, or by contacting the investor relations department of Genesco via our website, www.genesco.com. Many of the factors that will determine the outcome of matters addresses by forward-looking statements are beyond Genesco's ability to control or predict. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 2,270 retail 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, Head Quarters and Cap Connection, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.undergroundstation.com, www.johnstonmurphy.com, www.dockersshoes.com and www.lids.com. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. Additional information on Genesco and its operating divisions may be accessed at its website www.genesco.com.
SOURCE Genesco Inc.