Posted by Sara Zucker on January 12, 2010 10:44 AM
Foot Locker will shutter 117 locations in 2010, mainly Foot Locker and Lady Foot Locker stores. The shoe chain plans to cut 120 jobs in the process, though it has not been announced how many of those will be salespeople. For the current fiscal year, the popular shoe brand has opened 37 stores, while it closed 190 stores, and updated or relocated 160 others.
By cutting stores and its workforce, Foot Locker hopes to streamline and reorganize its business to mitigate the negative consequences of the recession and sluggish sales. Richard A. Johnson, former CEO of Footlocker's European outfit, was appointed to run the struggling brand, which is comprised of Foot Locker US, Footaction, Kid's Foot Locker, and Lady Foot Locker.
"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," said Ken Hicks, Foot Locker Inc.'s CEO.Continue reading...