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Genesco to close underperforming stores

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NASHVILLE (AP) ? Retailer Genesco Inc. has announced plans to close or convert up to 57 underperforming stores and cut back its first-quarter earnings guidance by more than half.

The locations affected are primarily the urban-style shoe stores in the Underground Station Group, but also include up to eight stores in the Hat World Group.

The Nashville-based company also said it has revised its previously announced earnings outlook for the first quarter ended May 5. The company now expects earnings to range from 9 cents to 12 cents a share compared with the previous estimate of 28 cents per share.

Genesco operated a plant in McMinnville until November 1986.

Genesco rejected Foot Locker?s $1.2 billion takeover offer to unite its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports and Footquarters chains with Genesco?s Journeys, Lids, Hat World and Underground Station brands. Genesco said the bid was undervalued. Genesco sells footwear, headwear and accessories in more than 2,000 retail stores in the U.S. and Canada. The company also sells footwear at wholesale under its Johnston & Murphy brand and the licensed Dockers brand.

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