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.
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.
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.