NASHVILLE, Tenn., July 20, 2021 /PRNewswire/ -- Genesco Inc.
(NYSE: GCO) ("Genesco" or the "Company") today announced that,
based on a preliminary vote count by its proxy solicitor,
shareholders have voted overwhelmingly to re-elect all nine of
Genesco's director nominees to the Board of Directors at its 2021
Annual Meeting of Shareholders: Matthew
Diamond, Mimi Vaughn,
Joanna Barsh, John Lambros, Thurgood
Marshall, Jr., Angel
Martinez, Kevin McDermott,
Mary Meixelsperger, and Gregory Sandfort.
Matthew Diamond, Lead Independent
Director at Genesco, stated: "Today's preliminary results reflect
the support we have received from shareholders in response to the
decisive actions Genesco has taken to grow and strengthen our
business and bring on leaders who can effectively oversee and
execute on our strategy. We have had the opportunity to speak with
many of our shareholders about Genesco's performance, strategy, and
our positive outlook for the future, as well as hear their ideas
and views of the Company. We appreciate all of their input and look
forward to continuing that dialogue."
Mimi Vaughn, Board Chair,
President and CEO of Genesco, said, "I would like to thank our
shareholders for their valuable feedback and insights over the past
several months as well as for their vote of confidence in our Board
and management team. I also would like to thank our dedicated
employees for their hard work and relentless focus throughout this
process. We are highly energized to continue to execute on our
footwear focused strategy, build on our progress and momentum
coming out of the pandemic, and realize the significant synergies
across our businesses to drive growth and profitability."
Ms. Vaughn added: "I would also like to extend our sincere
thanks and appreciation to Kathleen
Mason and Marty Dickens, who
are now officially retired from the Board, for their exemplary
service and many contributions over their tenures at Genesco. They
have each played an instrumental role in the success of the
Company, and their collaboration and guidance will be greatly
missed."
The vote is subject to certification by the Independent
Inspector of Election. Further details regarding the results of the
2021 Annual Meeting will be included in a Current Report on Form
8-K that Genesco will file with the Securities and Exchange
Commission.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer and branded
company, sells footwear and accessories in more than 1,455 retail
stores throughout the U.S., Canada, the United
Kingdom and the Republic of
Ireland, principally under the names Journeys, Journeys
Kidz, Little Burgundy, Schuh, Schuh Kids, Johnston & Murphy,
and on internet websites www.journeys.com, www.journeyskidz.com,
www.journeys.ca, www.littleburgundyshoes.com, www.schuh.co.uk,
www.johnstonmurphy.com, www.johnstonmurphy.ca,
www.nashvilleshoewarehouse.com, and www.dockersshoes.com. In
addition, Genesco sells footwear at wholesale under its Johnston
& Murphy brand, the licensed Levi's brand, the licensed Dockers
brand, the licensed Bass brand, and other brands. For more
information on Genesco and its operating divisions, please visit
www.genesco.com.
Forward-Looking Statements
The estimated preliminary vote results set forth in this press
release are forward-looking statements. These estimates have been
prepared by our proxy solicitor based on their work performed in
connection with the annual meeting. These results are preliminary
estimates only and are subject to change based on the certification
of the voting results by the independent inspector of
elections.
This release also contains forward-looking statements related to
the performance outlook for the Company. Actual results could
vary materially from the expectations reflected in these
statements. A number of factors could cause differences. These
include adjustments to projections reflected in forward-looking
statements, including those resulting from the effects of COVID-19
on the Company's business, including COVID-19 case spikes in
locations in which the Company operates, the roll-out of COVID-19
vaccines and the public's acceptance of the vaccines, additional
stores closures due to COVID-19, the timing of the re-opening of
our stores, the timing of in-person back-to-work and back-to-school
and sales with respect thereto, weakness in store and shopping mall
traffic, restrictions on operations imposed by government entities
and/or landlords, changes in public safety and health requirements,
and limitations on the Company's ability to adequately staff and
operate stores. Differences from expectations could also result
from stores closures and effects on the business as a result of
civil disturbances; the level and timing of promotional activity
necessary to maintain inventories at appropriate levels; the
imposition of tariffs on product imported by the Company or its
vendors as well as the ability and costs to move production of
products in response to tariffs; the Company's ability to obtain
from suppliers products that are in-demand on a timely basis and
effectively manage disruptions in product supply or distribution,
including disruptions as a result of COVID-19; unfavorable trends
in fuel costs, foreign exchange rates, foreign labor and material
costs, and other factors affecting the cost of products; the
effects of the British decision to exit the European Union and
other sources of market weakness in the U.K. and Republic of Ireland; the effectiveness of the
Company's omni-channel initiatives; costs associated with changes
in minimum wage and overtime requirements; wage pressure in the
U.S. and the U.K.; weakness in the consumer economy and retail
industry; competition and fashion trends in the Company's markets;
risks related to the potential for terrorist events; risks related
to public health and safety events; changes in buying patterns by
significant wholesale customers; retained liabilities associated
with divestitures of businesses including potential liabilities
under leases as the prior tenant or as a guarantor; and changes in
the timing of holidays or in the onset of seasonal weather
affecting period-to-period sales comparisons. Additional factors
that could cause differences from expectations include the ability
to renew leases in existing stores and control or lower occupancy
costs, and to conduct required remodeling or refurbishment on
schedule and at expected expense levels; the Company's ability to
realize anticipated cost savings, including rent savings; the
Company's ability to achieve expected digital gains and gain market
share; deterioration in the performance of individual businesses or
of the Company's market value relative to its book value, resulting
in impairments of fixed assets, operating lease right of use assets
or intangible assets or other adverse financial consequences and
the timing and amount of such impairments or other consequences;
unexpected changes to the market for the Company's shares or for
the retail sector in general; costs and reputational harm as a
result of disruptions in the Company's business or information
technology systems either by security breaches and incidents or by
potential problems associated with the implementation of new or
upgraded systems; the Company's ability to realize any anticipated
tax benefits; and the cost and outcome of litigation,
investigations and environmental matters involving the Company, and
the impact of actions initiated by activist shareholders.
Additional factors are cited in the "Risk Factors," "Legal
Proceedings" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of, and elsewhere in,
the Company's SEC filings, copies of which may be obtained from the
SEC website, www.sec.gov, or by contacting the investor relations
department of Genesco via the Company's website, www.genesco.com.
Many of the factors that will determine the outcome of the subject
matter of this release are beyond Genesco's ability to control or
predict. Genesco undertakes no obligation to release publicly the
results of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Forward-looking statements reflect the expectations of the Company
at the time they are made. The Company disclaims any obligation to
update such statements.
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SOURCE Genesco Inc.