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."
Microsoft has announced that it's hired Sam Altman and another co-founder of ChatGPT maker OpenAI after they unexpectedly departed the company days earlier in a corporate shakeup that shocked the artificial intelligence world.
Many factors lie behind the disconnect, but economists increasingly point to one in particular: The lingering financial and psychological effects of the worst bout of inflation in four decades.
Advertisers are fleeing social media platform X over concerns about their ads showing up next to pro-Nazi content, hate speech on the site in general or billionaire owner Elon Musk’s own posts endorsing an antisemitic conspiracy theory.
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.
The board of ChatGPT-maker Open AI said Friday it has pushed out its co-founder and CEO Sam Altman after a review found he was “not consistently candid in his communications” with the board.
