Genesco Acquisition Of UK Footwear Retailer Schu

2011/6/24 9:51:00 105

Beijing time June 24th morning news, American shoes and hats

Retailer

Genesco Inc (GCO) announced that it would buy Schuh Group Ltd, a British footwear retailer at a price of about $113 million.

Schuh operates 59 stores in Britain and Ireland, selling casual shoes.

Gym shoes

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Genesco is headquartered in Nashville, Tennessee, with over 2285 stores in the United States and Canada.

Genesco president and chief executive officer Robert Denis (Robert Dennis) said Schuh is in.

customer

Group and product supply are similar to their subsidiary Journeys Group.

Schuh's core customers are people aged 15 to 24.

In addition to paying 70 million 500 thousand pounds to Schuh, Genesco will also take up 29 million 500 thousand pounds (US $47 million 100 thousand) of the company's existing credit agreement.

Genesco also agreed to pay a total of $40 million in deferred payments on the third and fourth anniversary of the completion of the paction, and in addition to Schuh management at most $40 million in 2015, if the business achieves a specific performance target.

Genesco will pay the down payment and related expenses of the paction with available cash and loans under its $89 million credit agreement.

The acquisition is expected to boost Genesco earnings per share growth in the current fiscal year.