Dick’s Sporting Goods is buying struggling footwear chain Foot Locker for about 2.4 billion dollars.
The sports retailer based in Findlay Township expects to run Foot Locker as a standalone unit.
Foot Locker offers Dick's a huge real estate footprint with about 2,400 retail stores in 20 countries.
The acquisition would also give Dick’s more bargaining power with national brands.
"We look forward to welcoming Foot Locker's talented team and building upon their expertise and passion for their business, which we intend to honor and amplify together," said Lauren Hobart, President and CEO of DICK'S. "Sports and sports culture continue to be incredibly powerful, and with this acquisition, we'll create a new global platform that serves those ever evolving needs through iconic concepts consumers know and love, enhanced store designs and omnichannel experiences, as well as a product mix that appeals to our different customer bases."
Dick’s anticipates closing on the Foot Locker deal in the second half of the year.
The transaction needs approval from Foot Locker shareholders.
It's the second buyout of a major footwear company this year.
Skechers is being purchased by 3G Capital for more than $9 billion.