Foot Locker Inc. is trimming down, closing 117 stores in the fourth quarter, and revamping its organization, installing Richard Johnson as president and chief executive of Foot Locker U.S., Footaction, Kids Foot Locker and Lady Foot Locker.
Johnson had been president and ceo of the firm’s Foot Locker Europe unit.
“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 position in the retail marketplace,” said Ken C. Hicks, who left J.C. Penney Co. Inc. to become president and ceo of the firm in August.
About 120 home office and field management jobs will be cut, making for a $3 million aftertax charge in the fourth quarter.
For the full year, Foot Locker said it will have opened 37 stores, closed 190 and remolded or relocated another 160 doors. A large percentage of the 117 stores slated for closure this quarter are Foot Locker and Lady Foot Locker stores in the U.S.
The firm has a total of 3,600 stores in 21 countries.