Genesco, Finish Line Deal In Trouble

The shoe retailer Finish Line, responding to a lawsuit brought by Genesco, said yesterday that Genesco had breached their merger deal by not providing certain information or access to its executives that Finish Line requested.

Finish Line said it was reviewing the lawsuit — brought last week to force it to complete its purchase of Genesco, whose shoe and hat chains include Journeys, Johnston & Murphy and Lids — and would take steps to protect the interests of Finish Line and its shareholders.

In June, Finish Line agreed to buy Genesco for $1.5 billion, but last month said that it would evaluate its options for the deal after Genesco posted a surprise quarterly loss.

More here.

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