Lids Sports Group currently operates the Lids headwear stores. Credit: BentleyMall.

US-based speciality footwear retailer Genesco has signed a definitive agreement to sell Lids Sports Group to FanzzLids Holdings for $100m in cash.

FanzzLids Holdings is controlled and operated by affiliates of Ames Watson Capital, the owner of licensed sports apparel retailer Fanzz.

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Lids Sports Group currently operates the Lids headwear stores, the Locker Room by Lids and other team sports fan shops and single team clubhouse stores.

Genesco chairman, president and CEO Robert J. Dennis said: “We are pleased to have reached an agreement to sell the Lids Sports Group to a buyer with experience in the licensed sports industry.

“We are pleased to have reached an agreement to sell the Lids Sports Group to a buyer with experience in the licensed sports industry.”

“Under new ownership, the very talented team at Lids will continue to have the opportunity to realize the potential in this business.

“We look forward to closing the transaction and devoting the full attention of Genesco’s management team to the opportunities we see in a footwear-focused company.”

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The transaction is subject to customary closing conditions and is expected to be closed at the end of Genesco’s current fiscal year.

In addition, sports licensing and e-commerce company Fanatics will also make a minority investment in FanzzLids Holdings in relation to a commercial arrangement.

The board of directors of Genesco has increased its existing authorisation to repurchase common stock to $125m.

Genesco operates more than 2,650 retail stores and leased departments across the US, Canada, the UK, the Republic of Ireland and Germany, offering a range of footwear, headwear, sports apparel and accessories to customers.

It also owns various brands such as Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy, Lids, Locker Room by Lids, Johnston & Murphy.