Why Finish Line Is Closing 150 Stores Even Though ‘Athleisure’ Is Booming
We’re in a moment when women are wearing yoga pants to the office, men are shaking up their casual uniforms with jogger pants, and style snobs are clomping around Fashion Week not in high heels, but in sneakers. Meanwhile, performance apparel brands such as Nike and Under Armour have been delivering explosive sales growth. So if athletic apparel is so hot, why has Finish Line announced this week that it is closing 150 of its 617 stores? For starters, the move is a reflection of how much regional malls are struggling and the pace at which more shoppers shift to buying online. In a Thursday conference call with investors, chief financial officer Edward Wilhelm said the 150 stores that Finish Line is closing only generate about $1 million each in annual sales. That is less than half the company average. Read more at The Washington Post.
