Apparel and footwear retailer Genesco Inc has completed the sale of its Lids Sports Group to FanzzLids Holdings for US$101m.
In a statement, Genesco said the deal is still subject to working capital and other adjustments and does not include a tax benefit estimated at $30m.
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In December, Genesco said it had entered into a definitive agreement with Ames Watson Capital, the owner of Fanzz, a specialty retailer of officially licensed sports apparel.
The Nashville, Tennessee-based retailer added at the time sports licensing and e-commerce firm Fanatics Inc will make a minority investment in FanzzLids as part of a commercial arrangement connected with the deal.
The Lids Sports Group operates more than 1,000 stores selling officially licensed and branded headwear of collegiate teams and major professional sports teams.
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Genesco, which took over the business in 2004 as part of its $165m acquisition of headwear group Hat World Corporation, will now focus on its Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy and Johnston & Murphy brands.
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