Thursday, May 31, 2007

Foot Locker: Look Within, Grasshopper

It was revealed today that Foot Locker made another bid of $51/share for Genesco. For the past five days, Genesco has been trading for slightly above $51. I'm hardly an expert on these matters, but it looks to me given the current value of Genesco's stock that Foot Locker is still low-balling it. That at this point, it's making an offer just to save face.

I don't know what's up with Foot Locker. Here it is trying to buy another major retailer while just last week it announced that it was going to reduce planned openings of its newest retail concept, Footquarters, 'cause the stores it has opened thus far haven't done so hot. Plus, its own Foot Locker stores are looking half a mess.

Somehow these days, Foot Locker is reminding me of Lindsey Lohan's father (yep, that's him in the image above). Here's a guy who just got out of jail and has a stack of issues a mile deep, and yet somehow he feels qualified to advise his daughter--through press interviews no less--how she should straighten out her life. It's like, Mr. Lohan AND Foot Locker, the 12 steps, you might wanna park yourself at No. 4 for a minute. Need a reminder on what that step is? Here ya go: "Make a searching and fearless moral inventory of yourself." If you do that, you might realize that you're not exactly in a position to be meddling in the business of others.

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