Genesco Inc. shares surged 9.2% in Wednesday trading after the company announced plans to sell the Lids Sports Group business. Genesco’s board determined after a strategic review that it should focus on footwear while Lids specializes in hats and team sports fan shops. Genesco sells wholesale footwear through the Johnston & Murphy and Trask brands and licenses shoes from other brands. Nashville-based Genesco has more than 2,725 retail stores and leased departments in the U.S., Canada, the U.K., Ireland and Germany under the names Journeys, Lids, and other chains. Genesco’s board has created a four-person committee to lead the sale process, though the company says there’s no assurance that there will be a resulting sale or other alternative. Genesco shares are up more than 50% for the last three months, but down 40.4% for the past year. The S&P 500 index is up 14.4% for the last 12 months.
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