Sale of the Lids Group is complete
Genesco announced today that the company has completed the sale of its Lids Sports Group to FanzzLids Holdings for 101 million US dollars
The sale, now completed and announced, is still subject to working capital and other adjustments and does not include a tax benefit estimated at 30 million US dollars.
FanzzLids Holdings is a holding company controlled and operated by affiliates of Ames Watson, LLC. The announcement follows the release from the 14th of December 2018, in which Genesco announced it had entered into a definitive agreement for the sale of this business.
Cautionary note
This release contains forward-looking statements, including the company's estimated tax benefit resulting from the sale of the company's Lids Sports Group, 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.
Photo by rawpixel on Unsplash
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