Foot Locker is planning to close 400 stores by 2026 as part of a "reset" of its retail brand. The relaunch could also introduce "experiential" new stores and shifting away from underperforming stores in malls, which currently account for 10 percent of its sales.
"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," Mary Dillon, president and chief executive officer, told investors.
The company is calling the relaunch its "Lace Up" plan and entails a mix of rebranding, updated loyalty programs, expanded omnichannel options, and closing underperforming stores.
Foot Locker is also closing 125 underperforming Champs Sports stores.
"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," Dillion said. "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."
Adobe and Figma called off their $20 million merger, Southwest Airlines gets fined, Nippon Steel is buying U.S. Steel and oil and gas prices surge after a pause in shipments.
With more employees being called back to the office, many workers are suddenly protesting by being in the office for as little time as possible. As the term suggests, coffee-badging means coming in for just enough time to have a cup of coffee, show your face, and swipe your badge.
Japan's Nippon steel is buying U.S. Steel for $14.9 billion.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
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Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Citi told most of its employees that they could work from home at the end of the month, according to CNBC.
Chobani paid $900 million to purchase ready-to-drink coffee maker La Colombe.
Kerri Quigley, founder of The Fashion Class, spoke with Cheddar News on how to make an ugly sweater on a budget.
