Genesco announced Tuesday that it has unloaded its Lids Team Sports business, a division from the Lids Sport Group, to BSN Sports, a part of Varsity Brands and a marketer and distributor of sporting goods to schools and leagues. Terms of the transaction were not disclosed.
Lids Team Sports sells athletic apparel and equipment to schools and youth sport programs nationwide. In a statement, Genesco Chairman, President and CEO Bob Dennis said the sale will allow Genesco’s Lids Sports Group to “sharpen its strategic focus on its core business, giving full attention to execution and realizing the growth potential in retail and omnichannel, which will benefit the Lids Sports Group and Genesco going forward.”
BSN Sports CEO Adam Blumenfeld will serve as CEO for the newly combined business. Scott Molander, who currently leads Lids Team Sports’ operations, will join BSN Sports, along with all of Lids Team Sports’ employees. No immediate changes are planned for customers, vendors, employees or business partners, the company reported.
Genesco also announced that its board of directors authorized a repurchase of up to $100 million of the company’s common stock. The primary source of funds for incremental repurchases will be proceeds from the sale of the Lids Team Sports business.