Genesco Acquires Schuh Group

Genesco, Inc. acquired UK casual and athletic footwear retailer Schuh Group Ltd. for 100 million pounds, less 29.5 million pounds outstanding under existing Schuh credit facilities, which remain in place, with a deferred payment plan stretching out to four years. Genesco also agreed to implement a selective management bonus plan, which will pay a total of up to 25 million pounds in 2015 subject to reaching performance targets. Genesco funded the initial payment and associated expenses with borrowings under an existing US credit facility of $89 million and the balance from cash on hand. Schuh currently operates 59 stores in the UK and Ireland, 16 concessions in Ireland, and one of the UK's largest online shoe websites.