""Our first priority is clear. We need to clean out the garage of underperforming assets," executive chairman Ed Stack told investors during Dick's third-quarter earnings call. "This means clearing out unproductive inventory, closing underperforming stores, and rightsizing assets that don't align with our go-forward vision for the Foot Locker business." Stack said that while the business shows significant promise, Foot Locker's prior leadership did not respond appropriately to market changes, including Nike's decision to shift a greater portion of its business to direct-to-consumer sales."
"Foot Locker ended the quarter with nearly 2,600 stores globally across several brands. The company closed 15 locations during the period. Roughly 1,600 Foot Locker stores are in North America, and the company said Tuesday that former Nike executive Ann Freeman would head up the North American division. Former Aldi CEO Matthew Barnes is in charge of the international segment."
Dick's Sporting Goods intends to close an unspecified number of underperforming Foot Locker locations following its acquisition. Priorities include clearing unproductive inventory, closing underperforming stores, and rightsizing assets that do not align with the go-forward vision for the Foot Locker business. Foot Locker reported nearly 2,600 global stores and closed 15 locations during the quarter, with roughly 1,600 in North America. Ann Freeman, a former Nike executive, will lead North American operations, and former Aldi CEO Matthew Barnes will oversee international operations. An 11-store test of assortment and in-store experience is underway and specific closures will be detailed in the fourth-quarter report.
Read at Business Insider
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