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Genesco Inc. is selling its Lids retailer division of 1,116 stores for $100 million.
The sale, to Maryland-based Ames Watson Capital LLC, is expected to close early in the coming year. Ames Watson Capital also owns Fanzz, a specialty retailer of officially licensed sports apparel.
"We are pleased to have reached an agreement to sell the Lids Sports Group to a buyer with experience in the licensed sports industry,” said Genesco Chairman, President and CEO Robert J. Dennis, in a prepared statement. “Under new ownership, the very talented team at Lids will continue to have the opportunity to realize 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.”
Included in the transaction are 119 Locker Room by Lids sections in Macy’s department stores.
Nashville, Tenn.–based Genesco sells footwear, headwear, sports apparel and accessories in more than 2,650 stores and leased departments in other stores in the U.S., Canada, Germany, Ireland and the U.K.
By Edmund Mander
Director, Editor-In-Chief/SCT
