‘Underperforming’ national retail chain closing 400+ stores by next year

Two years ago, a national retail brand announced they’d have to close 400 stores by 2026 as a rebrand.

Then, just two months ago, Dick’s Sporting Goods acquired this brand, Foot Locker, for $2.4 billion.

But it doesn’t appear like the acquisition could save Foot Locker.

Dick’s missed estimates for third-quarter profit, and warned of around $750 million in charges tied to the Foot Locker acquisition. Foot Locker has been losing market shares over the past few years. But overall, Dick’s Sporting Goods increased its full-year 2025 forecast comparable sales growth. 

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This week, Dick’s announced their decision to still close an undisclosed amount of Foot Locker stores that are considered underperforming. “The specific stores closing haven’t been disclosed yet, but [Dick’s Executive Chairman] Ed Stack was blunt: Foot Locker ‘strayed from retail 101’ and lost its way when Nike shifted to direct-to-consumer, leaving Foot Locker stuck with the wrong inventory at the wrong time,” said Newsweek.

“We need to clean out the garage,” said Stack. “This means clearing out unproductive inventory, closing underperforming stores, and right-sizing assets that don’t align with our go-forward vision for the Foot Locker business.”

It’s unclear how many, and if any, Ohio Foot Locker’s will be affected.

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