Genesco

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Genesco Inc.
Type Public (NYSE: GCO)
Founded
Headquarters Nashville, Tennessee, United States
Key people Hal N. Pennington, Chairman and CEO
Jerrell D. Smith, President
Industry Clothing and accessories
Employees 1; J. Smith
Website www.genesco.com

Genesco Inc. (NYSE: GCO) is a footwear retailer based in Nashville, Tennessee, United States.[1] It is listed on the New York Stock Exchange and the Chicago Stock Exchange,[1] and is headed by Hal N. Pennington, the CEO and chairman, and Robert J. Dennis, the president and COO.[2] The company operates more than 2,000 stores in the United States and Canada.[2]</ref>

Contents

[edit] Company history

James Franklin Jarman and William Hatch Wemyss, both former salesmen for Carter Shoe Co. in Nashville, founded Jarman Shoe Company in 1924 as a footwear manufacturing concern.[3] The company grew rapidly and took the name General Shoe Company in the 1930s. Its initial public stock offering took place in 1939.

General Shoe had factories in many southern towns, especially in its home state of Tennessee, by the 1950s. It assumed its current name in 1959, two years after it was chosen as one of the stocks in the first S&P 500 Index.[4] Under the leadership of W. Maxey Jarman, the ambitious son of co-founder J.F. Jarman, the company slowly began the process of diversifying away from strictly footwear manufacturing, especially as more of this was conducted overseas. It entered into fields such as sports, and once manufactured and sold football (soccer) balls. At one point its retail holdings included New York department store Bonwit Teller.

The company suffered from over-diversification at one point, and the ongoing manufacturing operations in the Southern United States continued to depress results for a long period of time. The company was probably saved by its decision to reposition itself as a retailer. The last manufacturing operations to be phased out were those of its famous Johnston & Murphy brand in Nashville.

In June 2007, Genesco agreed to a $1.5 billion buyout by competitor Finish Line, Inc.[5]

Since the merger agreement was signed, both Finish Line, Inc. and the deal's financier UBS AG have attempted to back out[6] of the merger citing a material adverse change based, in part, on Genesco's weaker than expected results from the second quarter of 2007.[7]

Litigation ensued and the matter went to trial on December 10, 2007.[8]

[edit] Brands

The following is a list of brands owned by and/or marketed by Genesco:

  • Dockers Footwear - A footwear brand, marketed under license from Levi Strauss & Co.[9]
  • Hat World, Lids, Lids Kids, Cap Connection, Hat Zone, Hat Shack, and Head Quarters, - related chains of stores which carry licensed and branded headwear from athletic teams. Some also carry athletic apparel.[10]
  • Johnston & Murphy - Offers shirts, sweaters, dress shoes, leather goods, and other accessories.[11]
  • Journeys Shoes- A retail footwear brand aimed at the teen/young adult age group.[12]
  • Journeys Kidz - A division of Journeys Shoes, specializing in shoes for infants and young children. Many of the brands and styles found in the normal Journeys stores can be found in smaller sizes in Journeys Kidz stores.[13]
  • Underground Station - a chain that carries shoe brands such as Timberland, Ecko, and Puma. [14]
  • Shii - A Division of Journeys geared towards selling women shoes, boots, etc.

[edit] References

  1. ^ a b Corporate Summary. Genesco Inc. Retrieved on 2006-12-24.
  2. ^ a b Genesco Inc. News. "Christmas Arrives Early for 300 Children at Martha O'Bryan Center as Genesco's Cold Feet, Warm Shoes Program Visits", American Digital Networks, 2006-12-19. Retrieved on 2006-12-25. 
  3. ^ E. Thomas Wood. "Nashville now and then: A voice from our past", NashvillePost.com, 2007-07-20. Retrieved on 2007-07-21. 
  4. ^ Walker Duncan. "Foot Locker makes $1.2 billion offer for Genesco", NashvillePost.com, 2007-04-20. Retrieved on 2007-07-21. 
  5. ^ E. Thomas Wood. "Genesco agrees to $1.5 billion buyout", NashvillePost.com, 2007-06-18. Retrieved on 2007-07-21. 
  6. ^ Walker Duncan. "Genesco sues to complete merger", NashvillePost.com, 2007-09-21. Retrieved on 2007-12-10. 
  7. ^ Walker Duncan. "Genesco falls on 2Q results, Finish Line 'evaluating options'", NashvillePost.com, 2007-08-30. Retrieved on 2007-12-10. 
  8. ^ Walker Duncan. "Genesco trial begins", NashvillePost.com, 2007-12-10. Retrieved on 2007-12-10. 
  9. ^ "Genesco Comments on Dockers Footwear License Extension", PRNewswire, 2006-10-28. Retrieved on 2006-12-25. 
  10. ^ Overview. Genesco Inc. Retrieved on 2006-12-24.
  11. ^ About Johnson & Murphy. Genesco Inc. Retrieved on 2006-12-24.
  12. ^ Journeys Shoes. Genesco Inc. Retrieved on 2006-12-24.
  13. ^ Journeys Kidz. Genesco Inc. Retrieved on 2006-12-25.
  14. ^ Underground Station. Genesco Inc. Retrieved on 2006-12-25.

[edit] External links