Foot Locker (FL) is Spending $1.1 Billion to Buy Retailers WSS and Atmos - Report

August 2, 2021 6:27 AM EDT

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Foot Locker (NYSE: FL) will spend $1.1 billion to acquire two smaller retailers in a bid to reduce its dependency on U.S. shopping malls, the Wall Street Journal reports today.

The company is buying athletic retailer WSS for $750 million and will additionally spend $360 million on the Japanese streetwear company Atmos.

Through the deal for California-based WSS, FL intends to expand its exposure to a large Latino customer base. The company has its stores mostly located in the working-class, urban neighborhoods.

This acquisition is in line with the company’s strategy to pivot away from closed shopping malls.

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