Foot Locker announced its "Lace Up" long-term growth strategy on Monday.
The strategy will focus on simplifying business operations and closing underperforming stores.
Foot Locker announced plans to close 400 mall-based stores by 2026 as it reported a sales decline of 0.3% for Q4.
- Chief Commercial Officer Frank Bracken said that overlaps between banner stores increased operational complexity and diluted profits.
- The company has already announced plans to shutter its Sidestep banner in Europe. It has also axed its Lady Foot Locker banner, Foot Action banner, and Eastbay.com banner.
- Foot Locker's House of Play store concept is set to expand as the company prepares to open its first "store of the future" location in New York.
- Foot Locker has undergone major upheavals since Mary Dillon became CEO in September.
