{"id":508512,"date":"2021-06-30T16:33:18","date_gmt":"2021-06-30T20:33:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\/"},"modified":"2021-06-30T16:33:18","modified_gmt":"2021-06-30T20:33:18","slug":"legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\/","title":{"rendered":"Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdecimal { list-style-type: decimal }\n.bwlistdisc { list-style-type: disc }\n.bwlistsquare { list-style-type: square }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nLegion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders\n<\/p>\n<p class=\"bwalignc\"><b><i>Slate Shares a Vision for Achieving Operational Efficiencies, Igniting Growth and Enhancing Value for the Company\u2019s Shareholders, Customers and Employees <\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Sees a Path to Helping Genesco Ultimately Achieve Superior Revenue and Earnings Growth in the Rapidly Evolving Retail and Footwear Industries <\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>Urges Shareholders to Vote on the <span class=\"bwuline\">WHITE<\/span> Proxy Card to Elect Legion Partners\u2019 Full Slate<\/i><\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nLegion Partners Asset Management, LLC (together with its affiliates, \u201cLegion Partners\u201d or \u201cwe\u201d), which collectively with the other participants in its solicitation beneficially owns approximately 5.9% of the outstanding common shares of Genesco, Inc. (NYSE: GCO) (\u201cGenesco\u201d or the \u201cCompany\u201d), today announced that its four highly-qualified and independent director candidates \u2013 Marjorie L. Bowen, Margenett Moore-Roberts, Dawn H. Robertson and Hobart P. Sichel \u2013 have issued a letter to shareholders regarding their value-enhancing vision. Learn more about our four world-class nominees and how to vote on the <b><span class=\"bwuline\">WHITE<\/span> proxy card<\/b> by visiting <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.GCOForward.com&amp;esheet=52453895&amp;newsitemid=20210630005978&amp;lan=en-US&amp;anchor=www.GCOForward.com&amp;index=1&amp;md5=703903b6bbee7eb509657e991a033b2f\">www.GCOForward.com<\/a>.\n<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20210630005978\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210630005978\/en\/<\/a><\/p>\n<p class=\"bwalignc\">\n***\n<\/p>\n<p>\nJune 30, 2021\n<\/p>\n<p>\nDear Shareholder,\n<\/p>\n<p>\nLegion Partners Asset Management, LLC (together with its affiliates, \u201cLegion Partners\u201d or \u201cwe\u201d) is seeking to elect the four of us to Genesco, Inc.\u2019s (\u201cGenesco\u201d or the \u201cCompany\u201d) nine-member Board of Directors (the \u201cBoard\u201d) at the Company\u2019s Annual Meeting of Shareholders (the \u201cAnnual Meeting\u201d) on July 20, 2021. We take our prospective roles as directors extremely seriously and are committed to representing the interests of all shareholders.\n<\/p>\n<p>\nEach of us agreed to be nominated by Legion Partners earlier this year because we believe Genesco\u2019s best days should still be ahead of it. Although the Company has spent many years stagnating and underperforming relative to its peers and relevant indices, we believe that there is an array of issues that can be fixed by an engaged, objective and properly refreshed Board. These issues include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nA Value-Destructive Conglomerate Structure\n<\/li>\n<li>\nPoor Capital Allocation and Strategic Oversight\n<\/li>\n<li>\nExcessive Interlocks Among Directors and Insiders\n<\/li>\n<li>\nBloated Cost Structure and Sustained Margin\n<\/li>\n<li>\nA Lack of Focus on Operational Excellence at Journeys\n<\/li>\n<li>\nMisaligned Executive Compensation\n<\/li>\n<\/ul>\n<p>\nWe believe that a Board comprised of impartial individuals with fresh views and the right skills and experience can quickly identify actionable solutions. This is the type of Board that Genesco will have if shareholders elect us. Collectively, we possess extensive corporate governance acumen, capital markets expertise, retail operations experience, e-commerce and digital know-how, and strategic turnaround backgrounds. We also have a deep and practical understanding of best practices for driving growth while implementing environmental, social and governance (\u201cESG\u201d) and Diversity, Equity and Inclusion (\u201cDEI\u201d) initiatives.\n<\/p>\n<p>\nIn addition to being able to help fix problems, we also know how to help businesses adapt as consumer tastes continue to change and more shopping occurs in the extremely competitive online environment. We cannot stress enough how pivotal it is for Genesco to reassess its approach and strategy as the pandemic fades, stimulus subsides and competitors fight harder to establish lasting bonds with younger consumers and their parents across all channels, including social media and apps. The Company\u2019s directors need to maintain a sense of urgency in order to spot the \u201cbig picture\u201d shifts and opportunities that will impact the Company today and moving forward.\n<\/p>\n<p>\nAgainst the backdrop of Genesco\u2019s evolving operating landscape, we contend that we are the right directors at the right point in time. We are completely committed to working collaboratively with the remaining incumbents to move the Company into the modern era when it comes to customer engagement, operations, governance, and merchandising and marketing. We have what it takes to achieve near-term business efficiencies while overseeing the pursuit of long-term growth and deeper consumer engagement.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><i>Nominee<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><i>Skills<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><i>Sample of Relevant Experience<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMarjorie Bowen\n<\/p>\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nCapital Markets Expertise\n<\/li>\n<li>\nCorporate Governance Acumen\n<\/li>\n<li>\nCertified Financial Expert\n<\/li>\n<li>\nTurnaround Experience\n<\/li>\n<li>\nTransaction Evaluation Know-how\n<\/li>\n<\/ul>\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nWhen Ms. Bowen was a Genesco director in 2018, she applied her capital markets background and transaction experience to the Company\u2019s strategic alternatives process \u2013 which resulted in the sale of the non-synergistic Lids business and provided a runway for value-enhancing share repurchases\n<\/li>\n<li>\nHer experience would be invaluable if the Board were to impartially consider ways to refine the Company\u2019s costly and cumbersome conglomerate model\n<\/li>\n<\/ul>\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMargenett Moore-Roberts\n<\/p>\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nCustomer Experience Acumen\n<\/li>\n<li>\nESG Expertise\n<\/li>\n<li>\nDEI Specialization\n<\/li>\n<li>\nDigital Media Know-how\n<\/li>\n<li>\nMarketing Experience\n<\/li>\n<\/ul>\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nWhen Ms. Moore-Roberts served as Vice President and Global Head of Inclusive Diversity at Yahoo!, she established the Company\u2019s first Office of Inclusive Diversity and a global Center of Excellence\n<\/li>\n<li>\nShe oversaw the implementation of a number of policies and procedures that filtered into business lines and operations during a period of strong top-line growth at Yahoo!\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nDawn Robertson\n<\/p>\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nCustomer Experience Acumen\n<\/li>\n<li>\nMerchandising Expertise\n<\/li>\n<li>\nMarketing Background\n<\/li>\n<li>\nE-Commerce Specialization\n<\/li>\n<li>\nRetail Operations and Turnaround Know-how\n<\/li>\n<\/ul>\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nWhen Ms. Robertson was President of Macys.com, she led the development, launch and growth of its e-commerce sales\n<\/li>\n<li>\nAs President of Old Navy, she drove significant sales and improved EBITDA, including strong e-commerce performance\n<\/li>\n<li>\nThis is exactly the type of experience Genesco\u2019s brands need given the large younger customer shift to digital\n<\/li>\n<\/ul>\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nHobart P. Sichel\n<\/p>\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nMarketing Expertise\n<\/li>\n<li>\nE-Commerce Specialization\n<\/li>\n<li>\nTurnaround Experience\n<\/li>\n<li>\nRetail Operations Know-how\n<\/li>\n<li>\nCapital Markets Acumen\n<\/li>\n<\/ul>\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistsquare\">\n<li>\nMr. Sichel previously worked at Burlington Stores from 2011 to 2019, where he served as Executive Vice President and Chief Marketing Officer\n<\/li>\n<li>\nHe was a key member of the leadership team that turned the business around and ignited sales growth prior to an initial public offering\n<\/li>\n<li>\nHe has the ideal background for helping Genesco identify efficiencies while still pursuing growth \u2013 especially e-commerce growth \u2013 during a transformation period\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nWhen it comes to specific actions and ideas, we are cognizant of the fact that our slate would only represent a minority of Genesco\u2019s nine-member Board. We are also aware that none of us has access to the Company\u2019s non-public information. This has not stopped us, however, from analyzing the business from the outside and setting a vision for value creation: <b><span class=\"bwuline\">we want to help create a simpler, modernized and operationally-efficient Genesco that can deliver enhanced value for shareholders, delight customers and drive lifetime value, and provide rewarding opportunities to a diverse group of employees.<\/span><\/b><span class=\"bwuline\" \/><\/p>\n<p>\nWe see a clear path to realizing this vision:\n<\/p>\n<ol class=\"bwlistdecimal\">\n<li><b>Refocus the Company and Transform its Culture<\/b>\n<ul class=\"bwlistdisc\">\n<li>\nConduct a strategic review and identify options for divesting of non-core, non-synergistic businesses\n<\/li>\n<li>\nRealign executive compensation, including performance-based equity vesting, to tangible key performance indicators and value creation metrics\n<\/li>\n<li>\nInitiate a culture assessment in order to establish a more innovative, vibrant and accountable work environment up and down the organization\n<\/li>\n<li>\nDevelop tangible public plans and goals for both ESG and DEI, which will be increasingly important as Journeys competes for a younger, more socially-engaged consumer\n<\/li>\n<li>\nTask the management team with preparing a growth-focused strategy for the core Journeys business, with a specific emphasis on penetrating high-growth consumer categories and upgrading digital and e-commerce capabilities\n<\/li>\n<li><i><span class=\"bwuline\">We believe these steps can yield annual savings of $20 million to $30 million, with non- business divestitures potentially producing approximately $350 million<\/span><\/i><sup>(1)<\/sup><\/li>\n<\/ul>\n<\/li>\n<li><b>Reshape the Company\u2019s Cost Structure and Increase Capital Efficiency <\/b>\n<ul class=\"bwlistdisc\">\n<li>\nAssess paths to improving inventory turns\n<\/li>\n<li>\nImplement cost reduction priorities for corporate sales and general and administrative expenses, which appear bloated\n<\/li>\n<li>\nAnalyze potential sale-leaseback transactions to unlock material value trapped in real estate\n<\/li>\n<li>\nEvaluate sustainability and supply chain practices to remedy financial and environmental inefficiencies, including split shipments\n<\/li>\n<li><i><span class=\"bwuline\">We believe these steps can help grow Journeys\u2019 segment EBITDA margin by 2%, resulting in an increase from 8% to 10%<\/span><\/i><sup>(2)<\/sup><\/li>\n<\/ul>\n<\/li>\n<li><b>Reignite Growth by Positioning Journeys as a Strategic Retail Partner and the Preferred Consumer Destination for Footwear<\/b>\n<ul class=\"bwlistdisc\">\n<li>\nIdentify customer and brand partner value propositions to deepen relationships\n<\/li>\n<li>\nIncrease share of wallet with improved product offerings and basic offerings like buy online pick-up in store, curbside pickup, and same-day delivery, etc.\n<\/li>\n<li>\nEnhance customer engagement by implementing a loyalty program, building a mobile app, and improving the website\n<\/li>\n<li>\nDrive new customer acquisition via improved digital marketing and social engagement\n<\/li>\n<li><i><span class=\"bwuline\">We believe these steps could help grow sales by 4%-6% annually<\/span><\/i><sup>(3)<\/sup><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>\nOur ideas, if implemented, could lead to annual earnings of $13 per share, which is a substantial increase from the $5 per share of earnings that Genesco achieved pre-pandemic.<sup>(4)<\/sup><\/p>\n<p>\nWe recognize that in order for ideas to turn into actions, there will need to be collegial deliberation of fresh and varying perspectives in the boardroom. That is what we hope to facilitate if we are fortunate enough to be elected to the Board at this year\u2019s Annual Meeting.\n<\/p>\n<p>\nWhile we are independent of Legion Partners, we do share the firm\u2019s view that there is a roadmap to achieving superior value creation for all of Genesco\u2019s stakeholders. The changing dynamics in the retail and footwear industries make this the right time to build and execute that type of roadmap at Genesco. We encourage you to vote on the <b><span class=\"bwuline\">WHITE<\/span> proxy card<\/b> to elect our slate and give us the opportunity to champion your interests in the boardroom.\n<\/p>\n<p>\nThank you for evaluating our experience and ideas.\n<\/p>\n<p>\nSincerely,\n<\/p>\n<p class=\"bwalignc\">\nMarjorie L. Bowen \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Margenett Moore-Roberts\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dawn H. Robertson\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Hobart P. Sichel\n<\/p>\n<p class=\"bwalignc\"><b><i>Please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.gcoforward.com%2F&amp;esheet=52453895&amp;newsitemid=20210630005978&amp;lan=en-US&amp;anchor=www.GCOForward.com&amp;index=2&amp;md5=1b9172a1e93d27119b84977d9a780d7d\">www.GCOForward.com<\/a> to view important materials.<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i>If you have any questions or require assistance as you consider how to vote, please contact Legion Partners\u2019 proxy solicitor Kingsdale Advisors at <a rel=\"nofollow\" href=\"mailto:GCO@kingsdaleadvisors.com\">GCO@kingsdaleadvisors.com<\/a>.<\/i><\/b><\/p>\n<p class=\"bwalignc\"><b><i><span class=\"bwuline\">VOTE ON LEGION PARTNERS\u2019 WHITE PROXY CARD<\/span><\/i><\/b><\/p>\n<p class=\"bwalignc\"><i>***<\/i><\/p>\n<p><b><span class=\"bwuline\">About Legion Partners<\/span><\/b><\/p>\n<p>\nLegion Partners is a value-oriented investment manager based in Los Angeles, with a satellite office in Sacramento, California. Legion Partners seeks to invest in high-quality businesses that are temporarily trading at a discount, utilizing deep fundamental research and long-term shareholder engagement. Legion Partners manages a concentrated portfolio of North American small-cap equities on behalf of some of the world\u2019s largest institutional and high-net-worth investors. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.LegionPartners.com&amp;esheet=52453895&amp;newsitemid=20210630005978&amp;lan=en-US&amp;anchor=www.LegionPartners.com&amp;index=3&amp;md5=505ca8cf2fc95424b9c6763d97783281\">www.LegionPartners.com<\/a>.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(1)\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignl bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nAnnual savings projections based on (i) $15 million in annual corporate costs reduction, which assumes corporate spending as % of net sales returning to 1.1% from the pre-COVID 1.8% and (ii) $8-10 million annual store rent savings, which assumes 20% of leases renewal and 20% reduction in renewed leases. Non-core asset sale assumes $282mm in total proceeds from the divestiture of Schuh and J&amp;M based on multiples to Adj. EBITDA of 4x and 10x, respectively. $141mm of real estate value realized through outright sales and sale-leaseback transactions based on implied $105 per sq. ft on average.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(2)\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignl bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nJourneys\u2019 margin expansion assumes 100bps expansion vs FY 2020 (pre-COVID level) and also incorporates $40mm of cash free up assuming Journeys inventory turns improvement of 0.5x.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(3)\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignl bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nJourneys\u2019 sales growth assumes 5% annual growth for 3 years vs. FY 2020 level.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(4)\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignl bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n$13 EPS incorporates the following assumptions. Sale-leaseback assumes $87mm of share buyback at share price of $65. Buyback with excess cash assumes $164mm of share buyback at share price of $70, allowing the Company to have $50mm of net cash on balance sheet. Non-core asset sale assumes $282mm of share buyback at share price of $75 to $90. All non-reported EPS calculations assume a tax rate of 25%.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210630005978r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210630005978\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210630005978\/en\/<\/a><\/span><\/p>\n<p>\nFor Investors:<br \/>\n<br \/>Kingsdale Advisors<br \/>\n<br \/>Michael Fein \/ Lydia Mulyk, 646-651-1640<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:mfein@kingsdaleadvisors.com\">mfein@kingsdaleadvisors.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:lmulyk@kingsdaleadvisors.com\">lmulyk@kingsdaleadvisors.com<\/a><\/p>\n<p>\nFor Media:<br \/>\n<br \/>MKA<br \/>\n<br \/>Charlotte Kiaie \/ Bela Kirpalani, +1 646-386-0091<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ckiaie@mkacomms.com\">ckiaie@mkacomms.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:bkirpalani@mkacomms.com\">bkirpalani@mkacomms.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Supply Chain Management Fashion Online Retail Retail Other Retail Department Stores Specialty<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders Slate Shares a Vision for Achieving Operational Efficiencies, Igniting Growth and Enhancing Value for the Company\u2019s Shareholders, Customers and Employees Sees a Path to Helping Genesco Ultimately Achieve Superior Revenue and Earnings Growth in the Rapidly Evolving Retail and Footwear Industries Urges Shareholders to Vote on the WHITE Proxy Card to Elect Legion Partners\u2019 Full Slate LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Legion Partners Asset Management, LLC (together with its affiliates, \u201cLegion Partners\u201d or \u201cwe\u201d), which collectively with the other participants in its solicitation beneficially owns approximately 5.9% of the outstanding common shares of Genesco, Inc. (NYSE: GCO) (\u201cGenesco\u201d or the \u201cCompany\u201d), today announced that its four highly-qualified and independent director candidates &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-508512","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders Slate Shares a Vision for Achieving Operational Efficiencies, Igniting Growth and Enhancing Value for the Company\u2019s Shareholders, Customers and Employees Sees a Path to Helping Genesco Ultimately Achieve Superior Revenue and Earnings Growth in the Rapidly Evolving Retail and Footwear Industries Urges Shareholders to Vote on the WHITE Proxy Card to Elect Legion Partners\u2019 Full Slate LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; Legion Partners Asset Management, LLC (together with its affiliates, \u201cLegion Partners\u201d or \u201cwe\u201d), which collectively with the other participants in its solicitation beneficially owns approximately 5.9% of the outstanding common shares of Genesco, Inc. (NYSE: GCO) (\u201cGenesco\u201d or the \u201cCompany\u201d), today announced that its four highly-qualified and independent director candidates &hellip; Continue reading &quot;Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-30T20:33:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210630005978r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders\",\"datePublished\":\"2021-06-30T20:33:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\\\/\"},\"wordCount\":1889,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210630005978r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/legion-partners-four-highly-qualified-director-candidates-issue-letter-to-genesco-shareholders\\\/\",\"name\":\"Legion Partners\u2019 Four Highly-Qualified Director Candidates Issue Letter to Genesco Shareholders - 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