NASHVILLE, Tenn., Jan. 2, 2020 /PRNewswire/ -- Genesco Inc.
(NYSE: GCO) announced today that it has closed the acquisition of
the U.S. assets of New York-based
Togast LLC, previously announced on December
18, 2019. Togast is a company that specializes in the
design, sourcing and sale of licensed footwear. The
acquisition is expected to be accretive to Genesco's fiscal 2021
earnings.
As planned, at closing, Genesco also entered into a new U.S.
footwear license agreement for men, women and children for
Levi's®, as well as renewed and extended its men's
Dockers® footwear license. The Togast purchase
expands Genesco's portfolio to include footwear licenses for G.H.
Bass & Co., ADIO and FUBU, among others.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains
statements that are not historical facts but rather forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include those
that address activities, events or developments that the Company or
its management believes or anticipates may occur in the future,
including statements regarding expectations for the financial
performance of the Company and the acquired business for fiscal
2021, and statements regarding the benefits of such acquisition to
the Company. All forward-looking statements are based upon the
Company's current expectations, various assumptions, and data
available from third parties. The Company's expectations and
assumptions are expressed in good faith and the Company believes
there is a reasonable basis for them. However, there can be no
assurance that such forward-looking statements will materialize or
prove to be correct as forward-looking statements are inherently
subject to known and unknown risks, uncertainties and other factors
which may cause actual future results, performance or achievements
to differ materially from the future results, performance or
achievements expressed in or implied by such forward-looking
statements. Numerous risks, uncertainties and other factors may
cause actual results to differ materially from those set out in the
forward-looking statements, including: failure or delay in the
integration of the business; failure to realize expected benefits
of the transaction, including a positive impact on the Company's
earnings; the potential for litigation or governmental
investigations relating to the transaction; potential adverse
reactions or changes to business or employee relationships; and the
other factors discussed in "Risk Factors" in the Company's Annual
Report on Form 10-K for the fiscal year ended February 2, 2019 and in the Company's other
filings with the Securities and Exchange Commission which are
available at http://sec.gov. The Company undertakes no obligation
to update publicly or revise any forward-looking statements in
light of new information or future events. For any forward-looking
statements contained in this or any other document, the Company
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995, and the Company assumes no obligation to update any
such statement.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells
footwear and accessories in more than 1,490 retail stores
throughout the U.S., Canada, the
United Kingdom and the
Republic of Ireland, principally
under the names Journeys, Journeys Kidz, Schuh, Schuh Kids, Little
Burgundy, Johnston & Murphy, and on internet websites
www.journeys.com, www.journeyskidz.com, www.journeys.ca,
www.schuh.co.uk, www.littleburgundyshoes.com,
www.johnstonmurphy.com, www.johnstonmurphy.ca, www.trask.com, and
www.dockersshoes.com. In addition, Genesco sells wholesale
footwear under its Johnston & Murphy brand, the Trask brand,
the licensed Dockers brand, and other brands. For more information
on Genesco and its operating divisions, please visit
www.genesco.com.
View original
content:http://www.prnewswire.com/news-releases/genesco-closes-acquisition-of-leading-footwear-licensee-togast-and-enters-into-new-levis-footwear-license-agreement-300980698.html
SOURCE Genesco Inc.