US footwear and accessories retailer Genesco Inc. plans to close or convert up to 57 of its stores which are currently underperforming. The majority of the closures will be made in its Underground Station Group, although eight urban stores in its Hat World Group are also likely to shut.

The company also announced that it has revised its financial outlook for the first quarter, and now expects its earnings to reflect fixed asset impairment non cash pre-tax charges of $6.2 million to $7 million relating to store closures.

Genesco sells footwear, headwear and accessories in more than 2,000 retail stores across the USA and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Head Quarters and Cap Connection.