March 17, 2020
The retailer will close all stores at the end of business Mar. 17 with no set date to reopen, it said in reporting a final quarter in which it reduced its net loss to $7,564,000 from $45,726,000 for the final 13 weeks ended Feb. 1 as sales fell 1% to $829,620,000 from $842,077,000 with a 0.7% comp.
Foot Locker declared a coronavirus time out for its brick-and-mortar retail operations, closing all its banners in North America, EMEA, and Malaysia from through Mar. 31, though it will continue to pay its associates during the shutdown.
The retailer is paying $5 million for the inventory and assets of Dick’s Crescent Springs, KY, and Kalamazoo, MI, Field & Stream stores, and will rebrand them as Sportsman’s Warehouse.
A NYC federal court judge threw out a securities fraud class action brought by several pension funds, ruling that the plaintiffs for failure to state a claim.