NEW YORK -- Foot Locker plans to close 400 stores by 2026, the company announced at its Investor Day on Monday.
The decision is part of the company’s new “Lace Up” business strategy, and comes as Foot Locker’s sales decreased by 0.3 percent in the fourth quarter of 2022, compared to the same period in 2021. The North American-based sportswear and footwear retailer currently has 876 retail locations in the U.S., including 28 stores in Ohio.
Foot Locker has not announced which stores will close or when it will announce the closures.
Foot Locker CEO Mary Dillon said the company views 2023 as an opportunity to reset its business goals.
“Our team delivered a great finish to the year with strong fourth quarter results that capitalized on resilient holiday demand an a compelling assortment and inventory position from our brand partners,” Dillon said in a release. “We are entering 2023 with a focus on resetting the business – simplifying our operations and investing in our core banners and capabilities to position the Company for growth in 2024 and beyond.
“We are proud of Foot Locker’s role in influencing and serving the global sneaker community, and next year, we will celebrate the 50th anniversary of the iconic Foot Locker brand. We are incredibly excited to introduce our “Lace Up” plan with a new set of strategic imperatives and financial objectives that are designed to set us up for success for the next 50 years,” Dillon added.
Foot Locker closed 101 stores in the fourth quarter of 2022, but also opened 21 new stores and remodeled or relocated 45 stores, according to the release.
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March 21, 2023 at 07:15PM
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Foot Locker to close 400 stores by 2026 - cleveland.com
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