Foot Locker To Cut 120 Jobs, Close 117 Stores

[OhioChick]

Source: AP

1:26 pm EST January 8, 2010

NEW YORK -- Foot Locker Inc. said Friday it plans to cut about 120 jobs and to have closed 117 stores by the end of this month as it looks to become a more efficient and competitive business.

The footwear and accessories company also said it will consolidate its management staff in order to sharpen its attention to female shoppers' needs.

The company's stock gained 36 cents, or 3 percent, to $12.17 in afternoon trading.

The retailer has tried to offset slowing U.S. sales with tighter inventory management and increased cost control efforts.

The company said the job cuts would come in its home office and field management operations. It did not say in a news release what stores would be closed.

Calls to a company spokesman for comment were not immediately returned.



Read more: http://www.newsnet5.com/money/22184901/detail.html

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More job loss...

[BR_Parkway]

1. Seems like a lot more than 120 jobs being cut

[OhioChick]

2. Yeah if they're closing 117 stores. n/t

[Catshrink]

4. That was my thought...

maybe the 120 are corporate and they aren't including the retail sites. Wonder how many employees the stores average? Most are probably part time, but those part time incomes are helping a lot of people keep their heads above water.

[Sherman A1]

6. Precisely

There will be at least one or two full time positions per store (manager & assistant), but probably the rest are part time with the number varying. There will also be cuts up the supply chain I am sure as you won't need as many folks in the warehouse and regional management types.

Not good in any event.

[peoli]

13. they only have .97ths of an employee at each store.

[FSogol]

3. I had no idea they still existed. n/t

[Hulk]

5. The repuke corporate heads gotta make their profit....

...so, f*ck you President Obama; and f*ck you America. We want our profit, and we DON'T want this administration to succeed. So, we'll wait until another bush comes along, and then we'll start to rehire. Simple politics. Simple profit. FU America!

[dkf]

7. I thought we were going to start gaining jobs?

Looks like the start of another flood of losses. Bad bad bad

[jmm]

8. I hate to see people lose jobs but in some areas they over saturated the market.

I know of a few malls in my area with two or three foot lockers. It's not even like when Gap does it and has a few store next to each other but they'll be spread out across the building.

[pleah]

9. Overpriced shoes, don't shop there. Sorry for the workers , though. n/t

[Rosa Luxemburg]

12. yes overpriced and I expect the workers were underpaid?

[pleah]

15. No doubt. :( n/t

[FarCenter]

10. Better shoes can be had for less money on the web

[customerserviceguy]

11. I go to Big 5 Sporting Goods

and hit the sale table for my sneakers. FL was overpriced stuff, anyway. While I feel a bit sorry for the workers, you can only go just so long selling shoes that were made for five bucks in China to people for $100, who are impressed that you wear a referee's shirt while you're selling them.

[TwixVoy]

14. The recovery is here

Don't worry.