Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Thailand Inflation Remains Negative for 10th Straight Month in January 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Instagram Outage Disrupts Thousands of U.S. Users 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Foot Locker is buying two footwear store chains in a strategic deal that cost $1.1 billion. The sportswear and footwear retail company headquartered in New York City is reportedly paying in cash.
CNBC reported that the shoe stores that Foot Locker is acquiring are the WSS, formerly known as Warehouse Shoe Sale, which is based in California, and the Japanese sportswear and sneaker boutique, atmos. The amounts to be paid for the deal are $750 million and $360 million, respectively.
Foot Locker said on Monday, Aug. 2, that it is making the transactions to expand its business and be able to reach the Asia-Pacific. It also wants to focus beyond the malls and have an online shopping line since the COVID-19 pandemic slowed down foot traffic in physical retail outlets.
It was mentioned that WSS owns 93 off-mall stores in California, Nevada, Texas, and Arizona, and its customers are mostly Hispanic. With WSS in its portfolio, Foot Locker is looking to tap into this group of consumers.
As for atmos, it has 49 stores in Japan, and it is well-known to sell special edition shoe collections. The footwear designs are mostly in collaboration with leading brands such as Nike. This will help Foot Locker attain its goal of expansion in Asia.
"atmos is uniquely positioned through its innovative retail stores, high digital penetration, and distinctive products that have made it a key influencer of youth and sneaker culture,” Foot Locker chairman and chief executive officer, Richard A. Johnson, said in a press release, “With atmos, we are executing against our expansion initiative in the rapidly growing Asia-Pacific market, establishing a critical entry point in Japan and benefitting from an immediate scale.”
In any case, despite the acquisition, both WSS and atmos will continue to do business under their own names but will be operating as a new banner in Foot Locker's portfolio. Finally, Foot Locker’s deal with the two shoe companies is expected to be completed within the third quarter of this year and is said to be subject to the satisfaction of customary closing conditions.
