Foot Locker plans to close 400 stores in North America by 2026 as it rebrands part of its business, the company says.
One of its announced plans is called "Lace Up," which aims to target consumers and focus on "all things sneakers," the company announced in its presentation.
"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," Dillon said.A sign hangs above the entrance of a Foot Locker store, Aug. 2, 2021, in Chicago.
The sports apparel company also announced the closing of 125 of its Champ Sports stores in 2023 and resetting the brand to focus heavily on people who are more active in sports and fitness. As of January, the company operates over 2,700 stores in 29 countries in North America, Europe, Asia, Australia and New Zealand.Sales decreased by 0.3% during the company's fourth quarter compared to the same quarter in 2021.
According to the company, Foot Locker plans to decrease its overall real estate footprint by 10% in 2026, leaving it with 2,400 stores.
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