Genesco to acquire Little Burgundy from Aldo
Genesco Inc. announced Tuesday that its Canadian subsidiary has entered into an agreement with Aldo Group Inc. to acquire the Little Burgundy retail footwear chain in Canada. The terms of the transaction for the 37-store chain were not disclosed.
Little Burgundy is a Montreal-based retailer that is popular amongst students and young professionals between the ages 18 to 34. It is one of many brands under The Aldo Group with Aldo, Call It Spring and Globo. The Nashville-based specialty retailer plans to retain Little Burgundy’s head office and store-level employees following completion of the acquisition. Margaret Thouez, Senior Vice President, General Merchandise Manager of Little Burgundy will remain with the company and will report to James C. Estepa, President and Chief Executive Officer of Genesco’s Journeys Group.
Genesco Chairman, President, and Chief Executive Officer Robert J. Dennis said, "We are excited by the prospect of adding Little Burgundy to our portfolio of retail banners. In addition to giving us access to a broader customer base than we are currently targeting in Canada, and one that is being well served by Little Burgundy in stores and on-line, the acquisition will add scale to our existing Canadian omnichannel operations."
"This is great news for Little Burgundy and for the Aldo Group. Genesco's multi-brand retail expertise provides Little Burgundy with an unmatched opportunity for growth," said Patrik Frisk, chief executive officer of the Aldo Group. "We are very happy to have found an industry leader that shares our values and is as deeply committed to its people and the continued success of Little Burgundy."
Genesco sells footwear, headwear, sports apparel and accessories in 2,800 retail stores throughout the US, Canada, the UK, Ireland and Germany under the names Journeys, Schuh, Lids, and Johnston & Murphy.
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