Runners Point closing stores across Germany

by   CIJ iDesk I
2020-05-25   12:55
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Runners Point is closing down its stores, an apparent victim of the financial difficulties faced by its parent company Foot Locker. The company, whose history stretches back 35 years, was taken over from the KarstadtQuelle group in 2013. While no reasons were specified in the company's announcement, it mentioned the poor outlook for the company's business activities and the sharpening competition that characterized the last 12 months in Germany. Many observers say Runners World was unable to withstand growing online competition, though company officials naturally point to the turmoil that the entire retail sector has been thrown into because of the coronavirus crisis. Foot Locker made $1.18bn in revenues for the quarter ended in April, which was more than 10 percent off the expected result. Earlier this month, the Czech billionaire Daniel Křetinský snapped up 6 percent of the company's shares, taking advantage of a sagging share price.