Genesco (GCO) Acquires Schuh Group in £100M Deal
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Genesco Inc. (NYSE: GCO) has acquired Schuh Group Ltd. for £100 million.
The purchase agreement also provides for deferred purchase price payments totaling £25 million, payable £15 million and £10 million on the third and fourth anniversaries of the closing, respectively, subject to the payees' not having terminated their employment with Schuh under certain specified circumstances.
Genesco has also agreed to implement a bonus plan for certain members of Schuh management which will pay a total of up to £25 million in cash bonuses in 2015 subject to the Schuh business having achieved specified performance targets.
Schuh Group is a specialty retailer of casual and athletic footwear based in the United Kingdom.
The purchase agreement also provides for deferred purchase price payments totaling £25 million, payable £15 million and £10 million on the third and fourth anniversaries of the closing, respectively, subject to the payees' not having terminated their employment with Schuh under certain specified circumstances.
Genesco has also agreed to implement a bonus plan for certain members of Schuh management which will pay a total of up to £25 million in cash bonuses in 2015 subject to the Schuh business having achieved specified performance targets.
Schuh Group is a specialty retailer of casual and athletic footwear based in the United Kingdom.
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