Good morning! Defunding Planned Parenthood could hurt taxpayers, Selena Gomez’s nonprofit faces financial issues, and the Dick’s Sporting Goods-Foot Locker deal isn’t a slam dunk.
– Goal-oriented. Dick’s Sporting Goods is buying Foot Locker for $2.4 billion, the retailers confirmed yesterday. It’s the biggest acquisition ever for Dick’s—and the deal teams up two notable female CEOs, DSG’s Lauren Hobart and Foot Locker’s Mary Dillon.
Foot Locker has struggled, and investors worry that Dick’s lacks experience turning around outside brands. While both in the athletic-wear category, the two retailers operate very differently. Foot Locker has stores in U.S. malls and around the world, while Dick’s mainly runs U.S.-based big-box locations in the suburbs. The idea behind the purchase is that Dick’s could gain market share and go further into the sneaker boom, Phil writes. But there are a lot of question marks around whether Dick’s could do that successfully.
