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Genesco Buys Hat Dealer

An $18 million acquisition is planned.
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(GCO) - Get Genesco Inc. Report

said its Hat World division agreed to acquire Georgia-based Hat Shack, the operator of 49 retail stores in 10 states.

The purchase price was $18 million. Genesco said the deal should close in its fiscal fourth or first quarter. Genesco also expects the acquisition to have a slightly positive effect on its earnings for the fiscal year ending Feb. 2, 2008.

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Genesco sells footwear and headwear through retail stores such as Journeys, Johnston & Murphy and Lids. Shares of Genesco were down 8 cents at $40.42 Monday.