Dick’s Sporting Goods closes Foot Locker deal; Mary Dillon out as new leaders named
Dick’s Sporting Goods Inc. has expanded from a U.S. sports powerhouse to a global operator with the closing of its $2.4 billion acquisition of Foot Locker.
The deal, announced in May, positions Dick’s to become a global leader in the retail sporting goods industry, serving a broader set of consumers across differentiated concepts. As a combined company, Dick’s will operate more than 3,200 stores across 20 countries worldwide in North America, Europe, Asia and Australia, plus a licensed store presence in Europe, the Middle East and Asia.
Dick’s will continue to operate Foot Locker's portfolio of brands, including Foot Locker, Kids Foot Locker, Champs Sports, WSS and Atmos, but under a new leadership team led by Dick’s executive chairman Ed Stack. Mary Dillon, who has served as CEO of Foot Locker since fall 2022, is no longer with the company.
Stack will lead Foot Locker in partnership with two new presidents, with one for North America and one for international. Ann Freeman, a 26-year former Nike executive, has been named president of Foot Locker North America. Dick’s will appoint a president of Foot Locker International to lead other regions.
"Bringing together the strengths of both companies will help us return Foot Locker to growth while continuing to fuel Dick’s momentum,” said Lauren Hobart, CEO of Dick’s. "As a combined company, Dick’s and Foot Locker will create a global platform that will redefine the sports retail industry and unlock value for both companies, our brand partners, our teammates, our communities and our shareholders."
Dick's expects the transaction to deliver between $100 million to $125 million in cost synergies in the medium term (primarily through procurement and direct sourcing efficiencies), and to add to its earnings per share in fiscal 2026, excluding transaction related and other one-time costs.
Goldman Sachs is serving as financial advisor to Dick’s advisor, and Wachtell, Lipton, Rosen & Katz is serving as Dick’s legal advisor.
