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Finish Line hires financial adviser

September 10, 2007
Indianapolis-based Finish Line Inc. has hired Moelis Advisers as a non-exclusive financial and capital markets adviser, the shoe and clothing retailer announced this morning.

Moelis is a division of New York-based Mercanti Securities LLC, which is a unit of Los Angeles-headquartered Mercanti Group.

In its statement, Finish Line didn't discuss why it had hired Moelis.

Finish Line stock fell 2.9 percent this morning to trade near $5.35 a share.

Earlier this month, Finish Line said comparable-store sales slipped 4.7 percent in its second fiscal quarter, and that sales rose 1.3 percent, to $343 million.

On Aug. 30, Finish Line said it was "disappointed" with a $4.2 million second-quarter loss reported by Genesco Inc., the Tennessee company it has agreed to buy for $1.5 billion.

The statement also said Finish Line was "evaluating its options" regarding the purchase but stopped short of saying it would back out of the deal. Analysts believe it may be hoping to negotiate a lowered price.

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