U.S. News

Foot Locker May Sell Itself After Disappointing Results: Report


Foot Locker is considering putting itself up for sale following disappointing performance at its U.S. shoe stores and the failure to buyGenesco, the New York Post reported Thursday, sending the retailer's shares up nearly 12%.

Citing sources, the newspaper said the athletic shoe retailer has hired Lehman Brothers to advise it on a potential sale.

But financial books and other materials that are usually distributed as part of the process have not been sent to prospective suitors, the paper said, citing one source.

Apollo Management is said to be mulling an offer of $29 per share, the paper said, and Michael Ashley, the billionaire behind British retailer Sports World International, has also expressed an interest, the paper said.

Foot Locker spokesman Peter Brown declined to comment, citing the company's policy not to discuss market rumors or speculation.