Genesco borrows $184.3 million as precautionary measure

By Sarah Lizee

Olympia, Wash., April 6 – Genesco Inc. borrowed $184.3 million as a precautionary measure to ensure funds are available to meet its obligations for a substantial period of time, according to a press release.

Genesco’s total remaining liquidity on its U.S. credit facility is $50 million.

The company’s U.K.-based Schuh business has borrowed £19 million under its revolving credit agreement.

Genesco’s cash and investments on hand totaled about $214 million and £17 million, inclusive of the borrowings.

The company said it believes its cash reserves are sufficient to meet its needs, even if stores remain closed for several months.

Genesco is a Nashville-based retailer of branded footwear, licensed and branded headwear and licensed sports apparel and accessories.

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