Foot Locker Ends Pursuit of Genesco

Foot Locker announced Thursday it will cease its efforts to purchase footwear retailer Genesco Inc. The decision is based on Genesco's rejection of Foot Locker's sweetened buyout offer of $51 per share. Genesco, the operator of the Journeys, Johnston & Murphy, Hatworld and Lids chains, has elected to pursue other strategic alternatives. Foot Locker shares closed up 4% at $21.94, while Genesco shares dipped 1.8% to $51.36 before recovering to close at $52.35.

Sources: MarketWatch
Commentary: Foot Locker Posts Sharp Drop in Q1 Net Income • Jim Cramer's Wall Street Confidential Picks, May 21
Stocks/ETFs to watch: Foot Locker, Inc. (FL), Genesco Inc. (GCO). Competitors: Finish Line Inc. (FINL), Stride Rite Corp. (SRR). ETFs: Retail HOLDRS ETF (RTH), SPDR S&P Retail (XRT), PowerShares Dynamic Retail (PMR)

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