"We are pleased to have reached an agreement to sell the Lids Sports Group to a buyer with experience in the licensed sports industry. Under new ownership, the very talented team at Lids will continue to have the opportunity to realize the potential in this business. We look forward to closing the transaction and devoting the full attention of Genesco's management team to the opportunities we see in a footwear-focused company", commented Robert J. Dennis, Genesco Chairman, President and Chief Executive Officer.

Genesco expects that cash proceeds net of taxes and transaction-related costs, including a tax benefit estimated at approximately 29 million US dollars, will be used to repurchase shares of the company's common stock. Genesco also announced that its board of directors has increased the existing authorization to repurchase common stock to 125 million US dollars. The number of shares to be repurchased and the manner and timing of purchases will be determined by the company's management.