In a week filled with announcements and rumours of takeovers, US footwear and accessories retailer Genesco today confirmed that it has received an unsolicited proposal from Foot Locker, Inc. to purchase all of Genesco's outstanding shares for $46 per share in cash. The company's board of directors now intends to consider the proposal, which is subject to due diligence and other conditions, with the assistance of its financial advisor, Goldman, Sachs & Co.

Genesco operates more than 2,000 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Cap Factory, Head Quarters and Cap Connection. It also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand.