Finish Line Inc. (Indianapolis) announced that, to bolster business and increase profitability, it plans to close up to 150 of its stores over the next four years. That amounts to almost 25 percent of its stores.
The company also announced a change in leadership. It will be replacing CEO Glenn Lyon with Sam Sato, the company’s current president.
The news comes as the retailer posted a deep loss for the third quarter, with comparable-store sales dropping 5.8 percent and shares of the company dropped 25 percent over the past year, reports The Wall Street Journal. Part of the loss is attributed to disruptions in the retailer’s supply chain that cost the company $32 million in decreased sales.