Genesco

Infobox Company
name = Genesco

type = Public (NYSE|GCO)
genre =
foundation = 1924
founder =
location_city = Nashville, Tennessee
location_country = U.S.
locations =
area_served =
key_people = Roberg J. Dennis (CEO)
James S. Gulmi (CFO)
industry = Retail
products =
services =
market c

revenue = $1.4 billion (2007)
operating_income = $121 million (2007)
net_income = $67 million (2007)
assets = $335 million (2007)
equity = $405 million (2007)
owner =
num_employees = 13,950
parent =
divisions =
subsid =
homepage = http://www.genesco.com
footnotes =
intl =

Genesco Inc. (NYSE|GCO) is a footwear retailer based in Nashville, Tennessee, United States.cite web| url = http://www.genesco.com/corphq.html| title = Corporate Summary| accessdate = 2006-12-24|date= | publisher = Genesco Inc] It is listed on the New York Stock Exchange and the Chicago Stock Exchange, and is headed by Hal N. Pennington, the CEO and chairman, and Robert J. Dennis, the president and COO.cite news | author = Genesco Inc. News | title = Christmas Arrives Early for 300 Children at Martha O'Bryan Center as Genesco's Cold Feet, Warm Shoes Program Visits | url = http://digital50.com/news/items/PR/2006/12/19/CLTU134/christmas-arrives-early-for-300-children-at-martha-obryan-center-as-genescos-cold.html | publisher = American Digital Networks | date= 2006-12-19| accessdate = 2006-12-25] The company operates more than 2,000 stores in the United States and Canada.]

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.cite news | author = E. Thomas Wood | title = Nashville now and then: A voice from our past | url = http://www.nashvillepost.com/news/2007/7/20/nashville_now_and_then_20jul07 | publisher = NashvillePost.com | date= 2007-07-20| accessdate = 2007-07-21] 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.cite news | author = Walker Duncan | title = Foot Locker makes $1.2 billion offer for Genesco | url = http://www.nashvillepost.com/news/2007/4/20/foot_locker_makes_12_billion_offer_for_genesco_ | publisher = NashvillePost.com | date= 2007-04-20| accessdate = 2007-07-21] 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.cite news | author = E. Thomas Wood | title = Genesco agrees to $1.5 billion buyout | url = http://www.nashvillepost.com/news/2007/6/18/genesco_agrees_to_15_billion_buyout | publisher = NashvillePost.com | date= 2007-06-18| accessdate = 2007-07-21]

Since the merger agreement was signed, both Finish Line, Inc. and the deal's financier UBS AG have attempted to back outcite news | author = Walker Duncan | title = Genesco sues to complete merger | url = http://www.nashvillepost.com/news/2007/9/21/genesco_sues_to_complete_merger | publisher = NashvillePost.com | date= 2007-09-21| accessdate = 2007-12-10] of the merger citing a material adverse change based, in part, on Genesco's weaker than expected results from the second quarter of 2007.cite news | author = Walker Duncan | title = Genesco falls on 2Q results, Finish Line 'evaluating options' | url = http://www.nashvillepost.com/news/2007/8/30/genesco_falls_on_2q_results_finish_line_evaluating_options | publisher = NashvillePost.com | date= 2007-08-30| accessdate = 2007-12-10]

Litigation ensued and the matter went to trial on December 10, 2007.cite news | author = Walker Duncan | title = Genesco trial begins | url = http://www.nashvillepost.com/news/2007/12/10/genesco_trial_begins | publisher = NashvillePost.com | date= 2007-12-10| accessdate = 2007-12-10]

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.cite web| url = http://www.lids.com/company_info.html| title = Overview| accessdate = 2006-12-24| publisher = Genesco Inc]
*Johnston & Murphy - Offers shirts, sweaters, dress shoes, leather goods, and other accessories.cite web| url = http://www.johnstonmurphy.com/about.aspx| title = About Johnson & Murphy| accessdate = 2006-12-24| publisher = Genesco Inc]
*Journeys Shoes- A retail footwear brand aimed at the teen/young adult age group.cite web| url = http://journeys.com/| title = Journeys Shoes| accessdate = 2006-12-24| publisher = Genesco Inc]
*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.cite web| url = http://www.journeyskidz.com/index.aspx?source=RANG2006| title = Journeys Kidz| accessdate = 2006-12-25| publisher = Genesco Inc]
*Underground Station - a chain that carries shoe brands such as Timberland, Ecko, and Puma. cite web| url = http://www.undergroundstation.com/index.aspx?source=RANG2006| title = Underground Station| accessdate = 2006-12-25| publisher = Genesco Inc]
*Shi - A Division of Journeys geared towards selling women shoes, boots, etc.

References

External links

* [http://www.prnewswire.com/gh/cnoc/comp/352750.html Genesco news releases since 1997]
* [http://www.nashvillepost.com/news?categories=Genesco%20Inc. News stories about Genesco] from NashvillePost.com