NASHVILLE, Tenn., Nov. 3 /PRNewswire-FirstCall/ -- Genesco Inc. announced that its Hat World subsidiary has completed the acquisition of the assets of Sports Fan-Attic, a Tampa, Fla.-based retailer of licensed sports headwear, apparel, accessories, and novelties, with 37 stores in seven states, and revenues of approximately $30 million for the twelve months ended September 30, 2009. Terms of the acquisition were not disclosed.
Hat World President Kenneth Kocher said, "Sports Fan-Attic is a natural addition to Hat World's business, and we see the potential for meaningful operational synergies from this transaction. Our businesses appeal to the same core customer with products from a vendor base that overlaps considerably, and we share an approach to merchandising that focuses on tailoring a store's product selection to the local market. Additionally, 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."
Genesco President and Chief Executive Officer Robert J. Dennis added, "The Sports Fan-Attic team has built an impressive consumer franchise and maintained solid results, even in the current economic climate. We are excited to see Hat World add this new platform, which provides an additional opportunity for growth, both through organic new store growth and through future acquisitions of regional players in this highly fragmented market. Our ambition is to build a national chain with the same scale-based advantages that Hat World enjoys today, and we look forward to working with the Sports Fan-Attic leadership team to achieve this goal."
Cautionary Note Concerning Forward-Looking Statements
This release contains forward-looking statements, including those regarding the growth potential and future prospects of the Sports Fan-Attic business 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 include continuing weakness in the economy and other factors affecting demand for the Sports Fan-Attic product offering; factors affecting product supply or distribution, and other factors beyond Genesco's ability to control or predict. Additionally, the performance of Genesco's and Hat World's other businesses, which are subject to risks and uncertainties including those discussed in Genesco's most recent annual report on Form 10-K and its subsequent quarterly reports on Form 10-Q and current reports on Form 8-K, as filed with the Securities and Exchange Commission, may impair their ability to implement successfully the plans and strategies reflected in certain of the forward-looking statements in this release. Genesco undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of Genesco at the time they are made. Genesco disclaims any obligation to update such statements.
About Hat World, Inc.
Founded in 1995, Hat World, Inc. is comprised of more than 850 mall-based, airport, street level and factory outlet stores nationwide, and in Canada and Puerto Rico, operating primarily under the LIDS retail brand. The Indianapolis-based company is recognized as a specialty retail leader of officially licensed and branded athletic fashion headwear. Hat World also operates smaller retail brands HAT WORLD, HAT SHACK, LIDS LOCKER ROOM and HEAD QUARTERS. Stores offer a vast assortment of officially-licensed and branded professional and college sports teams, as well as other specialty fashion categories all in the latest styles and colors. The majority of stores also offer custom embroidery capability, and others carry licensed apparel. The company serves the core sports fan and fashion-conscious, trend-savvy mid-teen to mid-20s customer. Hat World also sells products and promotes its stores through the Internet site lids.com(TM). In addition, licensed LIDS stores operate from premier street locations and kiosks within major department stores in Hong Kong and China. Hat World also owns Impact Sports Inc. out of Madison, Wisconsin, and Great Plains Sports of St. Paul, Minnesota. Both companies are team uniform, apparel and equipment dealers, custom screen printers and embroidery operators. Hat World is a subsidiary of Genesco Inc.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 2,225 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 http://www.journeys.com/, http://www.journeyskidz.com/, http://www.shibyjourneys.com/, http://www.undergroundstation.com/, http://www.johnstonmurphy.com/, http://www.dockersshoes.com/ and http://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 http://www.genesco.com/.
Genesco Inc.
CONTACT: Financial, James S. Gulmi, +1-615-367-8325, or Genesco Media
Contact, Claire S. McCall, +1-615-367-8283
Web Site: http://www.genesco.com/
