Foot Locker Inc. (FL) said that it will change its organizational structure by consolidating the management team that oversees its Lady Foot Locker business with the team that currently manages the Foot Locker U.S., Kids Foot Locker and Footaction businesses. Effective with this change, Richard Johnson will become President and Chief Executive Officer of Foot Locker U.S., Footaction, Kids Foot Locker and Lady Foot Locker.
Richard Johnson is moving from his position as President and Chief Executive Officer of the Company's successful Foot Locker Europe operation, effective immediately. Lewis Kimble has been promoted to succeed Dick Johnson as President and Chief Executive of Foot Locker Europe.
As a result of this divisional reorganization, as well as some corporate staff reductions taken to improve corporate efficiency, the Company expects its financial results in 2010 to be enhanced by annual expense savings of about $10 million. An after-tax charge of $3 million, or $0.02 per share, is expected to be recorded during the fourth quarter of 2009 to reflect the costs associated with the elimination of approximately 120 home office and field management positions.
The Company said that it is completing its real estate actions for fiscal 2009, working in partnership with its landlords. For the full year, the Company currently estimates that it will open 37 new stores, close 190 under-productive stores, and remodel or relocate 160 stores. As a result, 117 stores are expected to be closed during the fourth quarter, a large percentage of which are Foot Locker and Lady Foot Locker stores in the United States.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.