Finish Line to Close 150 Stores Amid Falling Sales

finish-line-closing-150-stores

The Finish Line, the retail chain specializing in athletic shoes, Thursday named a new CEO, revealed a loss for the fiscal third quarter and said it would close about 25% of its stores.

Sam Sato, currently the retailer’s president, has been promoted to replace Glenn Lyon as CEO, effective Feb. 28. Lyon, who is also chairman of the board of directors, will serve as executive chairman of the board until the end of the year and transition to the role of non-executive chairman next year. In a statement, Lyon said the change in leadership has been planned for “the past few years.”

With sales at its brick-and-mortar stores falling, the Indianapolis-based company also announced plans to close up to 150, or about 25% of its stores in the next four years.

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SOURCE: USA Today, Roger Yu