Foot Locker to Close 117 Stores
In a move to streamline management, Foot Locker U.S., Footaction, Kids Foot Locker and Lady Foot Locker will be run by Richard A. Johnson, who was president and CEO of the company's Foot Locker Europe operation. The streamlining and store closings will result in at least 120 home office and field management positions being eliminated.
The company did not cite how many store salespeople would be affected by this move. It did however, say these moves would save the company $10 million in 2010's expenses, though the company would take an after-tax charge of $3 million in the current fiscal fourth quarter to reflect the costs of eliminating positions.
"We expect the consolidation of our Foot Locker businesses under the direction of one management team to help us clarify our Foot Locker family of brands position in the retail marketplace," Ken C. Hicks, President and Chief Executive Officer of Foot Locker, Inc., said in a release.
On the bright side, this will hopefully be a better move for us lady shoppers in need of a new pair of sneakers. As Hicks added, "It will allow us to sharpen our focus on the female consumer, as we look to improve the coordination of our women's merchandise assortments and marketing strategies across each of our Foot Locker brands."
Foot Locker, Inc. operates approximately 3,600 stores in 21 countries under the Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker and Champs Sports brands. Like many retailers operating primarily in mall locations, this chain has felt a drop off in business associated with the lagging economy. Albeit, some sneaker giants are doing more than OK.
This comes on the heels of the announcement that Macy's will close five locations.
Tags: foot locker, lady foot locker, Retail News, shoes, sneakers, store closings








duke, 1-09-2010, 11:36PM
That is the problem with Foot Locker...they hire 18 year olds. No one in there knows how to fit a shoe properly. Most of the time they are standing there looking bored. I think they need better service and knowledge of the product.
Reply »