Dick's Sporting Goods plans to close some Foot Locker stores

Dick’s Sporting Goods is set to close a number of underperforming Foot Locker stores as it continues to review its business and position it for sustained growth. "At Foot Locker, we've assembled a world-class management team and are taking decisive actions to ‘clean out the garage’ by clearing unproductive inventory, closing underperforming stores and laying the foundation for a fresh start in 2026," Dick's Sporting Goods Executive Chairman Ed Stack said in a statement on Tuesday. The decision to close underperforming stores will help "position the Foot Locker Business for profitable growth," Stack said. Dick's Sporting Goods completed its $2.4 billion acquisition of Foot Locker in September 2025. FOOT LOCKER SHARES SINK AFTER WEAK QUARTERLY RESULTSDick's Sporting Goods is in the process of reviewing and removing unproductive assets such as excess inventory and underperforming stores. The company expects to incur future pre-tax charges of $500 million to $750 million related to those moves and the merger- and integration-related costs associated with the Foot Locker acquisition.The company didn't specify how many Foot Locker stores would close. However, nine Dick's stores have already closed so far this year. About 11 Foot Locker–owned stores and 4 licensed stores have been closed too. DICK'S SPORTING GOODS BUYS FOOT LOCKER FOR $2.4 BILLIONThe acquisition came as Foot Locker was trying to recover after years of declining sales. The decline started to happen noticeably in 2023, with issues persisting through 2024 and into 2025. The company struggled with lower store traffic, too much inventory and reduced consumer spending. NIKE'S NEW CEO: WHAT TO KNOWStore sales have been down several quarters in a row and competition is getting more fierce, especially as retailers fight for budget-conscious consumers. GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business