// Foot Locker is making cuts to its staff and store fleet as it looks to streamline the business under new its new leadership team
// The footwear retailer said it would be axing an undisclosed number of “corporate and support roles,”
Foot Locker has become the latest retailer to announce job cuts this year.
The New York-based sportswear retailer said in a regulatory filing that it would be cutting “a number of corporate and support roles” in order to streamline the business and enhance its operational efficiency, but didn’t provide details regarding the number of employees that would be impacted by the cuts.
As a result of the layoffs, the company expects to save approximately £18 million in annualised costs beginning in fiscal 2023
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In the same filing, the retailer said it has made the strategic decision to “wind down its Sidestep banner in Europe”, which accounts for about 80 stores.
The business said this was “consistent with the company’s broader efforts to focus on its core and growth banners”.
Foot Locker acquired fashion and footwear brand Sidestep in 2013 when it bought its parent company Runners Point Group in a deal worth 72 million euros.
Additionally, the company revealed EVP of global lockers and Champs Sports Andy Gray has also departed the company.
The cuts come as Foot Locker enters the new year with a slew of executive shakeups.
Last year the business unveiled a number of changes to its top team, including the departure of its chief financial officer Andrew Page and the appointment of a new chief operating officer Elliott Rodgers.
The retailer also tapped Mary Dillon as its new CEO over the summer, replacing Dick Johnson.
During November, Foot Locker upped its full-year guidance after reporting a smaller-than-expected drop in sales and profit in the third quarter of the year.
In the three months to October 29, revenue came in at 2.2 billion dollars, down 0.7% on a reported basis, but up 3.3% on a constant currency basis.
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