Dick's Sporting Goods plans to close some Foot Locker locations in a move to 'clean out the garage'

Core Viewpoint - Dick's Sporting Goods plans to close an unspecified number of Foot Locker locations following its acquisition of the company, focusing on eliminating underperforming assets and aligning with a new strategic vision [1][2]. Group 1: Company Strategy - The executive chairman emphasized the need to "clean out the garage of underperforming assets," which includes closing unproductive stores and managing inventory effectively [2]. - Foot Locker's previous leadership failed to adapt to market changes, particularly Nike's shift towards direct-to-consumer sales, which has since been addressed by Nike as it seeks to rebuild relationships with retailers [2]. Group 2: Store Operations - Foot Locker currently operates nearly 2,600 stores globally, with approximately 1,600 located in North America; the company closed 15 locations during the last quarter [3]. - Ann Freeman, a former Nike executive, has been appointed to lead the North American division, while Matthew Barnes, the former CEO of Aldi, will oversee the international segment [3]. Group 3: Testing and Future Plans - The company has initiated an 11-store test to explore changes in Foot Locker's product assortment and in-store experience [4]. - Further details regarding the specific stores to be closed will be provided in the fourth-quarter earnings report [4].