Genesco Inc. announced that its Hat World subsidiary has completed the acquisition of the assets of Sports Fan-Attic, a Tampa, Fla.-based retailer of licensed sports headwear, apparel, accessories, and novelties, with 37 stores in seven states, and revenues of approximately $30 million for the twelve months ended September 30, 2009. Terms of the acquisition were not disclosed.
Hat World President Kenneth Kocher said, “Sports Fan-Attic is a natural
addition to Hat World's business, and we see the potential for meaningful operational synergies from this transaction. Our businesses appeal to the same core customer with products from a vendor base that overlaps considerably, and we share an approach to merchandising that focuses on tailoring a store's product selection to the local market. Additionally, we see great long-term potential for growing the Sports Fan-Attic store base, and look forward to bringing Genesco's collective strength in the mall real estate market and our experience in managing new store growth to that process.”
Genesco President and Chief Executive Officer Robert J. Dennis added, “The Sports Fan-Attic team has built an impressive consumer franchise and maintained solid results, even in the current economic climate. We are excited to see Hat World add this new platform, which provides an additional opportunity for growth, both through organic new store growth and through future acquisitions of regional players in this highly fragmented market. Our ambition is to build a national chain with the same scale-based advantages that Hat World enjoys today, and we look forward to working with the Sports Fan-Attic leadership team to achieve this goal.”