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."
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
