Laced Up and Locked In: Dick’s Makes Bold Play for Foot Locker
Dick’s Sporting Goods aims to dominate global sports retail with an audacious $2.3 billion bid for a struggling Foot Locker, betting big on a rebound in the sneaker and apparel market.

In one of the boldest moves in the retail sector this year, Dick’s Sporting Goods is on the brink of acquiring Foot Locker in a blockbuster deal valued at approximately $2.3 billion. Sources familiar with the matter say the two sides are deep in discussions and could finalize the transaction as soon as Thursday, assuming no last-minute hitches. The agreed price? Around $24 per share—a jaw-dropping 90% premium over Foot Locker’s closing price of $12.87 on Wednesday. That kind of markup isn’t just a statement of interest—it’s a power play.
Foot Locker shares went ballistic in after-hours trading following The Wall Street Journal’s exclusive, surging more than 60% in minutes. It’s a shot of adrenaline for a company that’s spent much of the year nursing wounds from a chaotic mix of trade policy shocks, declining sales guidance, and strategic uncertainty. The timing is as aggressive as the price: just weeks after former President Trump’s tariff barrage sent sneaker stocks scrambling, the sudden pause in those levies seems to have opened the door for dealmaking—and Dick’s is kicking that door wide open.
Foot Locker, a retail icon with roughly 2,400 stores spread across 26 countries, has been in the throes of a turnaround under CEO Mary Dillon, who came over from Ulta Beauty in 2022. Dillon’s strategy has focused on revamping the digital storefront, rebuilding relationships with powerhouse brands like Adidas, and modernizing the customer experience. But the headwinds have been stiff. Tariffs on Chinese goods rattled supply chains. Nike’s pricing experiments created ripple effects across the athletic footwear market. And the company’s real estate-heavy footprint suddenly looked more like a burden than a blessing.
