Nike (NKE) just stuck a size 12 basketball shoe into the groin of trusted vendor partner Foot Locker (FL) as it seeks to bank even more money from its $150-plus pairs of sneakers. Shares of Foot Locker crashed nearly 35% on Friday — wiping out about $950 million in market value — as the sneaker retailer warned on lost business from its large customer this year. Foot Locker said no single vendor (in this case Nike) is expected to represent more than 60% of its business this year, down from… Source link
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