BOSTON (Reuters) – Activist investor Legion Partners Asset Management LLC wants to take control of Genesco (NYSE:) Inc’s board and has nominated seven directors to sit on the specialty retailer’s eight-person board, according to a letter made public in a filing on Monday.
Legion, run by Christopher Kiper, would like the company to consider selling non-core assets and buy back shares. It owns a 5.6% stake in Genesco, which has a market capitalization of $727.8 million.
“We will review the letter from Legion, along with their proposed director candidates, and respond in due course,” the company said in a statement.
With Legion’s board nominees, “Genesco will be able to produce $7.50 in earnings per share (“EPS”) by fiscal 2023 and see its stock double from current levels,” Kiper and Legion managing director Ted White wrote in a letter to other shareholders.
Legion has previously launched campaigns at other retailers including Bed Bath & Beyond Inc (NASDAQ:), and this year it teamed up with several other activists to take control of department store Kohl’s (NYSE:) board.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.