Genesco Puts Lids up For Sale
GCO’s board has established a committee of four independent directors and retained investment bank PJ Solomon to find a buyer for the struggling licensed retailer. Lids Sports Group does not share any of the synergies and “common strategic characteristics” with its other footwear businesses, Genesco said in a release. It believes that Lids is undervalued under Genesco and hopes to put the proceeds of a sale into helping grow the remaining businesses. Lids has been a drag on GCO’s share price, which is trading at less than half of its 2014 high of $82, and while the parent company has ... Log in to view full article.