Sharpens Company's Focus on Core Consumer
Business
NEW
YORK, June 27, 2022 /PRNewswire/ -- Foot Locker,
Inc. (NYSE: FL) ("Foot Locker"), the New
York-based specialty athletic retailer, today announced that
Foot Locker Retail, Inc., a subsidiary of Foot Locker, has signed a
definitive agreement to sell the Team Sales business to BSN SPORTS,
one of the nation's largest direct marketers and distributors of
sporting goods, footwear, apparel, and branding to the school and
league markets, and a division of Varsity Brands.
"We are very pleased for the Team Sales business to become part
of BSN SPORTS," said Richard
Johnson, Chairman and Chief Executive Officer. "For more
than three decades, the Team Sales business has connected directly
with high school coaches and athletic directors across the U.S. to
offer the best performance product and a premium service level, and
we are confident that the business and its experienced team of
professionals have a promising future as part of the BSN SPORTS
organization."
The Team Sales business has historically accounted for less than
1% of Foot Locker's annual consolidated sales. The transaction is
expected to close in the coming weeks and terms were not
disclosed.
Foot Locker also announced it will fully consolidate the
Eastbay.com retail website into the Champs Sports banner,
completing the integration of those two banners that began in
2019.
Evercore is serving as financial advisor, and Morrison Cohen LLP
as legal counsel, to Foot Locker.
Disclosure Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Other than statements
of historical facts, all statements which address activities,
events, or developments that Foot Locker anticipates will or may
occur in the future, including, but not limited to, such things as
future capital expenditures, expansion, strategic plans, financial
objectives, dividend payments, stock repurchases, growth of Foot
Locker's business and operations, including future cash flows,
revenues, and earnings, and other such matters, are forward-looking
statements. These forward-looking statements are based on many
assumptions and factors which are detailed in Foot Locker's filings
with the U.S. Securities and Exchange
Commission.
These forward-looking statements are based largely on our
expectations and judgments and are subject to a number of risks and
uncertainties, many of which are unforeseeable and beyond our
control. For additional discussion on risks and uncertainties that
may affect forward-looking statements, see "Risk Factors" disclosed
in Foot Locker's Annual Report on Form 10-K for the year ended
January 29, 2022, filed on
March 24, 2022. Any changes in such
assumptions or factors could produce significantly different
results. Foot Locker undertakes no obligation to update
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Foot Locker, Inc. leads the celebration of sneaker and youth
culture around the globe through a portfolio of brands, including
Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS,
and Sidestep. With approximately 2,800 retail stores in 28
countries across North America,
Europe, Asia, Australia, and New
Zealand, as well as websites and mobile apps, Foot Locker,
Inc.'s purpose is to inspire and empower youth culture around the
world by fueling a shared passion for self-expression and creating
unrivaled experiences at the heart of the global sneaker community.
Foot Locker, Inc. has its corporate headquarters in New York. For additional information, please
visit footlocker-inc.com.
Investor Contact:
Robert Higginbotham
Vice President, Investor Relations
robert.higginbotham@footlocker.com
(212) 720-4600
Media Contact:
Cara Tocci
Vice President, Corporate Communications
cara.tocci@footlocker.com
(914) 582-0304
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SOURCE Foot Locker, Inc.