U.S. footwear retailer Foot Locker has recently implemented staff cuts and experienced the departure of a key executive as part of its strategic plans. Andrew Gray, who served as the Executive Vice President of Global Lockers and Champs Sports, has left the company after dedicating over two decades to Foot Locker. Additionally, the company has made the decision to wind down its Sidestep banner in Europe and eliminate several corporate and support roles.

This move by Foot Locker to close down the Sidestep banner is aligned with their efforts to concentrate on their core and growth banners. By eliminating certain roles, the company aims to streamline their organization and improve operational efficiency. These changes are expected to lead to annual cost savings of around $18 million, starting from fiscal 2023.

These staff cuts and executive changes follow a series of notable transitions at Foot Locker. Mary Dillon took on the role of CEO during the summer, succeeding Dick Johnson. Furthermore, CFO Andrew Page announced his departure after the release of the company’s fourth quarter 2022 earnings report. Prior to these events, Jed Berger left to become the president of Kenneth Cole.

Foot Locker is undertaking these measures to optimize its business operations and drive future growth. The company remains committed to its core and growth banners, prioritizing the delivery of exceptional customer experiences and reinforcing its position in the footwear market.

Useful links related to the article:
1. Foot Locker Official Website
2. Footwear Economics – Industry Analysis and Insights