The company plans to streamline its operations and go for a "reset" after its fourth-quarter sales dipped by around 0.3% compared to the previous year.
Foot Locker is planning to shut 400 stores by 2026 as it strives to become more relevant to younger shoppers by relaunching its retail brands, introducing "experiential" new store concepts and simplifying its operations by closing underperforming mall-based stores.
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Foot Locker plans to shut down 400 underperforming mall stores by 2026. This includes 125 Champs Sports stores. The company has not announced which stores are closing yet.