Three years after moving into a brand new $22 million headquarters building in Zionsville, Lids Sports Group is moving its offices to the northwest side of Indianapolis.
Tennessee-based parent Genesco says it is still optimistic it can sell its Lids unit, while acknowledging it has taken longer than expected to find a buyer for the headwear retailer.
Parent company Genesco started trying to sell the Zionsville-based division 10 months ago, but no deal has been struck. Meanwhile Lids' long-running decline has continued.
According to the American Headwear Alliance, which represents producers such Zionsville-based Lids and Massachusetts-based ’47 Brand, the vast majority of caps sold in the U.S. are imported from overseas.
Zionsville-based Lids Sports Group, which operates more than 1,100 stores, saw sales decline nearly 11 percent in the latest quarter. Genesco is seeking a buyer for the unit.
Some analysts say the logical buyer for Zionsville-based Lids Sports Group is Fanatics Inc., an online-only rival that has been on a tear while Lids has struggled.
An investor group had been pressuring Genesco Inc. to sell some of its holdings, but says it’s not happy that Zionsville-based Lids is the unit Genesco wants to divest. Meanwhile, analysts have mixed opinions about the possible sale.
Genesco’s stock price fell by 20 percent Friday morning after Zionsville-based Lids Sports Group reported a 9.5 percent drop in sales, prompting the parent company to reduce its full-year outlook.
Zionsville-based Lids Sports Group posted disappointing sales in its second quarter, mirroring recent results from other athletic apparel retailers. Its parent company is trying to dampen expectations for the overall firm.
CEO David Baxter, who was hired in May 2016, is aiming to marry the best of online retailing with brick-and-mortar stores, to lift the company’s profit margin to where it was five years ago.
Three major Indianapolis-based retailers struggling with declining sales replaced their CEOs this year as they tried to improve company financials.
Cubs fans had been waiting more than a century for this triumph, and the rush for celebratory merchandise is on. Zionsville-based Lids Sports Group is using extra workers to make sure key stores have caps available as soon as possible.
Shares in Genesco Inc.—parent of Zionsville-based Lids Sports Group—dropped almost 30 percent Thursday after the company reported lower-than-expected sales in the second quarter and downgraded its full-year outlook.
The Zionsville-based retailer continued to grow but saw profit plummet after it moved beyond its core business of selling sports caps.
Zionsville-based hat retailer Lids Sports Group is seeking a new leader after the resignation of Kenneth Kocher, who ran the company for more than a decade.
Scott Molander, who launched the chain as Hat World with a single store in Tippecanoe Mall in Lafayette in 1995, is joining the Tennessee-based company that's buying Lids' sports-uniform business.
A universal digital inventory system that links customers to goods in more than a thousand Lids Sports Group stores helped the firm wrestle the Indianapolis Colts business away from locally based MainGate Inc., a national player in its own right.