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Foot Locker has steadily risen in Fortune 500 rank, from 446 in 2011 [15] to 363 in 2018. [16] Foot Locker recorded a record turnover of 7.151 million dollars at the end of the fiscal year 2015. [17] In 2019, Foot Locker invested $100 million (~$118 million in 2023) in GOAT, an online resale marketplace for sneakers. [18]
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Eastbay's parent company, F.W. Woolworth Company, also underwent a major revision, being reorganized as Venator Group in 1997 and changing its name in 2001 to Foot Locker, Inc. [2] In 2022, Foot Locker announced that Eastbay and its distribution center in Wausau would permanently close during the first half of 2023, resulting in 210 layoffs.
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Foot Locker hopes that number decreases to 55% to 60% by 2026 in an effort to diversify its business and combat Nike's growing direct-to-consumer arm. Josh is a reporter for Yahoo Finance.
During a recent event celebrating Foot Locker’s 50th anniversary in New York City, it was hard to imagine that the legacy sneaker chain was appearing on bankruptcy watch lists as recently as March.