Nashville-based retailer Genesco has completed the sale of Lids Sports Group to FanzzLids Holdings for 101 million US dollars, following a definitive agreement announced in December. “The sale is still subject to working capital and other adjustments and does not include a tax benefit estimated a 30 million US dollars”, said Genesco in a statement.
Lids Group is a retail chain comprising over 1,000 mall-based, airport, street level and factory outlet locations in the US, Canada and Puerto Rico, selling sportswear headwear, apparel and accessories. Genesco acquired the company in 2004, but decided to put it up for sale last year to focus on its footwear business, which includes 1,500 retail stores in the US, Canada, UK, Ireland and Germany, under the nameplates Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy and Johnston & Murphy.
Controlled and operated by affiliates of private equity firm Ames Watson, LLC, FanzzLids Holdings operates 120 stores across 22 US states under the Fanzz and Just Sports brands.