Foot Locker to Close 150 Stores

Foot Locker recently announced it will close up to 150 locations and open 40 new stores this year as part of a $110 million capital expenditure plan. These 150 closures are in addition to the 148 stores the company shuttered last year.

"We're working closely with our landlords in an effort to agree to mutually beneficial terms as we look to reduce our closures from the 150 stores that we had planned to shut this year," said Bob McHugh, Executive Vice President and Chief Financial Officer, Foot Locker.

The retailer attributes the store closures to economic uncertainty in the near term in regard to consumer spending. "We will remain cautious in how we plan and manage our business," adds Brown.
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