Genesco Explores Divestiture of Lids Sports Group Business

On February 13, Genesco, Inc. (GCO) announced that it is beginning a formal process of exploring the sale of its Lids Sports Group business line. The company believes the sale would allow it to focus on its core competency, the footwear market. Genesco has appointed four independent directors to explore its divestiture options.

 

Sonal detected the event at 4:03 pm and issued an alert. The next trade was for $34.40 at 4:25 pm. Regular market trading opened at $35 the next morning. The market seemed to like the news, and the price pushed higher throughout the day before closing at $38.35 for an 11.5% daily gain.

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