Finish Line has seen better days. According to Indy Star, the retailer made an announcement earlier today stating that they will have to close as much as 25% of its entire stores in the next couple of year.
In addition to that, Finish Line will also replace their CEO after going through some financial hardships. Supply chain issues have contributed to losses for the company that add up to $21.8 million for the fiscal third quarter ending in November 2015. Such issues include not being able to get product to the stores, along with shipments in the quarter falling over 25% compared to the year before. Finish Line also reported a loss of $32 million in sales due to problems and issues they have had with inventory. That means that the stores who aren’t performing well will be forced to close in the coming years. It is estimated that close to 40 stores will close this year, along with 40 more in 2017, and 40 more in 2018 along with 40 more in 2019.
via: Indy Star