Legion Partners Asset Management wants GCO to divest its non-core businesses to focus on Journeys, and has nominated its own slate of seven candidates for the retailer’s board of directors. Legion, which owns about 5.6% of GCO shares, wrote in a letter to shareholders that Genesco could generate earnings of $7.50 per share by FY23 and see its stock price double from current levels. The fund wants CEO Mimi Vaughn to stay on, however, saying it wants to draw on her institutional knowledge to implement its plan for the company. GCO shares closed up almost 5% on the news.

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