US retail chain Dick’s Sporting Goods is believed to be close to acquiring Foot Locker Inc. for around 2.3 billion dollars. This is according to a report by the Wall Street Journal (WSJ) that said a deal could be finalised as soon as Thursday, May 15.
WSJ stated that Dick’s is looking to buy the footwear retailer for 24 dollars per share, reflecting a nearly 90 percent premium to Foot Locker’s current price, which closed at 12.87 dollars on May 14.
Since 2023, Foot Locker has been undergoing what it has dubbed the ‘Lace Up’ plan, a strategy that set out to relaunch the brand and upend its real estate network. At its inception, CEO Mary Dillon revealed plans to close over 400 underperforming stores, as well as open new store formats and move beyond shopping centres and malls.
Through cutting unprofitable areas of business and investing in new ventures, Dillon had outlined targets to grow Foot Locker’s revenue from eight billion dollars to over 10 billion dollars.
By 2024, despite a series of disappointing financial reports, Foot Locker’s efforts appeared to be paying off, with the company returning to profitability in Q4 with net earnings from continuing operations reaching 55 million dollars. This, however, contrasted a 5.8 percent decrease in sales, totaling 2.24 billion dollars over the period.
In March 2025, the company then appointed Franklin Bracken as its new president, a role in which he has been tasked with expediting the implementation of the ‘Lace Up’ plan, while also overseeing other areas of business, like global retail and merchandising.
FashionUnited has contacted Dick’s Sporting Goods with a request to comment.