Genesco Inc. has acquired the assets and business of Edmonton, Alberta-based Cap Connection Ltd., consisting of 17 Cap Connection stores in Alberta, British Columbia and Ontario, Canada. The purchase price for the Cap Connection business was approximately $2 million Canadian, subject to adjustment for closing current assets and the performance of the business during the first year of its operation by Genesco.
Genesco President and Chief Executive Officer Hal N. Pennington, said, “Cap Connection, a leading Canadian specialty retailer of headwear, provides us an excellent opportunity to expand our recently acquired Hat World and Lids business into the Canadian market and reflects Genesco's continuing strategic commitment to growth.”
The Company said it does not expect the acquisition to affect its previously announced earnings per share outlook for the balance of the fiscal year.
