Oh no!
Foot Locker, Inc. has announced that it will close 117 of its retail locations in the next few weeks, primarily Foot Locker and Lady Foot Locker. The company aims to reorganize and streamline the brand, focusing more intently on its female customer. While we’re sure that’s true, we can’t help but think that the economy must have something to do with the decision to close so many storefronts.
Though the Foot Locker declined to give an exact number of sales jobs to be slashed, a spokesperson did estimate that about 120 home office and field management positions will cut. Overall, the move is expected to save the company $10 million in 2010.
That’s a lot of dough!
Foot Locker president and CEO Ken C. Hicks said,
“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 in the retail marketplace. It will allow us to sharpen our focus on the female consumer, as we look to improve the coordination of our women’s merchandise assortments and marketing strategies across each of our Foot Locker brands.”
Hopefully this change will give them the resurgence that they’re looking for!
Sad news for all the newly unemployed this move will generate though.
[Image via AP Images.]
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