Foot Locker announced it will be closing roughly 400 stores across the country as part of its new "Lace Up" plan to reposition and rebrand the company. While comparable-store sales grew by 4.2% during the fourth quarter in 2022, overall sales were down by 0.3% compared to the fourth quarter in 2021.

"We are proud of Foot Locker's role in influencing and serving the global sneaker community, and next year, we will celebrate the 50th anniversary of the iconic Foot Locker brand. We are incredibly excited to introduce our "Lace Up" plan with a new set of strategic imperatives and financial objectives that are designed to set us up for success for the next 50 years," Foot Locker president and CEO Mary Dillon said in a press release.

Foot Locker operates roughly 1,300 Foot Locker stores in shopping malls in North America and plans to focus on closing stores that are struggling to generate revenue in low-traffic malls.

"These 400 stores represent nearly 10% of our total sales," senior vice president of store development Tony Aversa said.

While Foot Locker will be closing low-performing stores in shopping malls, it is also planning to open 300 "new concept" stores by 2026. According to Fox Business, the company said those new stores will include 15,000-square-foot "community" stores, 10,000-square-foot "power" stores, and 7,500-square-foot "house of play" stores that will focus on selling children's products.

"We are entering 2023 with a focus on resetting the business – simplifying our operations and investing in our core banners and capabilities to position the Company for growth in 2024 and beyond," Dillon said.