Retail Industry
Industry: Email Alert RSS FeedDESPITE COLD URBAN CLIMATE, GENESCO IS HOT M&A TARGET.
Daily News Record, May, 2007
Byline: Jessica Pallay
NEW YORK - The announcement of its closure of 57 underperforming Underground Station stores has hardly made Genesco Inc. a less desirable target, nor has its acknowledgement that earnings for the first quarter, ended May 5, will be 9 to 12 cents per diluted share, well below the initial projection of 28 cents per share.
In fact, Genesco continues to be the talk of the M&A world as Foot Locker weighs a possible acquisition, and rumors of interest from private equity firm Kohlberg Kravis Roberts float around the industry.
On Foot Locker's first-quarter earnings call last Thursday, CEO Matthew Serra reiterated his hopes to acquire Genesco and his possible intent to offer a higher price than the initial $1.2 billion that...
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