Hat and footwear company Genesco has today begun a court trial that it hopes will secure a stalled US$1.5bn buyout offer from The Finish Line.

Genesco filed the court order in September seeking closure of the takeover.

The Finish Line, however, has since filed a separate court order calling on Genesco to provide it with access to more financial data and personnel before it progresses with the stalled acquisition, which was first announced in June.

Genesco today (10 December) reported financial information that is expected to be discussed at the trial, which is being held this week at the Chancery Court in Nashville, Tennessee.

The company said that for the fiscal month ended 1 December 2007, it estimates net sales were approximately $130.3m and that pretax earnings were approximately $1.0m, including the effect of approximately $2.9m of expenses related to the Finish Line/UBS litigation.

Same-store sales for the month, a statement continued, fell 3.7% compared to the same period in the prior year.

Results for the month are subject to normal quarter end adjustments and are not necessarily indicative of results to be expected for the fiscal quarter or the fiscal year, Genesco added.

In addition, preliminary estimates for the week ended 8 December were that same-store sales for the company declined approximately 12% compared to the same period in the prior year.

Last month Genesco received a subpoena from the Office of the US Attorney for the Southern District of New York, for documents relating to the merger.

The subpoena stated that the documents were sought in connection with "alleged violations of federal fraud statutes," Genesco said, relating to efforts by Swiss bank UBS to withdraw from financing the merger.

Genesco chairman and CEO Hal Pennington hit out at the allegations, saying: "These allegations are completely without merit and are simply part of UBS' litigation tactics to avoid their contractual obligations; we will fully cooperate with the US Attorney in connection with their inquiry."