Indy-based Finish Line plans to close up to 150 stores over next four years
INDIANAPOLIS, Ind. (Jan. 7, 2016) – Indianapolis-based Finish Line will close up to 150 stores over the next four years after reporting a third-quarter loss.
The strategy would reduce its store base by 25 percent, the company said. The stores produce average annual sales of about $1 million. The company expects sales online and at other locations to help make up for the potential lost sales.
A supply-chain disruption had a significant impact on the company, which implemented a new warehouse and order management system. In October, Finish Line had trouble processing and fulfilling orders. The company estimates that the problem caused $32 million in lost sales
In addition, the company said Thursday that Sam Sato, the current president of Finish line, will succeed Glenn Lyon as CEO effective Feb. 28, 2016.
Finish Line shares have dropped 25 percent over the last year.