Retail Industry
Industry: Email Alert RSS FeedDEBT MAJOR ISSUE IN FINISH LINE'S SURPRISE GCO BUY.(Genesco Inc.)
Footwear News, June, 2007 by Derby, Meredith
Byline: Meredith Derby
NEW YORK - Finish Line is changing the retail game, but the market is unsure how the company's $1.5 billion acquisition of Genesco will eventually play out.
To be sure, Finish Line's surprise announcement of plans to acquire the Nashville retailer for $54.50 a share is a risk, due to the high debt load the company will take on and the relatively small amount of projected cost savings, market watchers said last week.
But given the $2.8 billion combined company's growth and diversification prospects - as well as the seeming cultural connect of the two firms - a cautious optimism has emerged on the ultimate viability of the deal.
"The real prize [for Finish Line] is Journeys and Hat World. Those two...
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