NEW YORK, Sept. 30, 2015 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, announced today that it intends to appeal a U.S. District Court decision issued late yesterday in favor of the plaintiff in the case of Osberg v. Foot Locker, Inc., et al., which involves claims related to the conversion of the company's pension plan in 1996 to a defined benefit plan with a cash balance formula.
The company disagrees with the decision. Although it cannot predict the outcome of any appeal, the company continues to believe, as previously indicated in its public filings on Forms 10-Q and 10-K, that the potential plan funding implications of this decision will not have a material adverse effect on the company's consolidated financial position, liquidity, or results of operations, as a whole. Given the company's intention to appeal, no further comments on this case from the company or its executives will be available until further notice.
Foot Locker, Inc. is a specialty athletic retailer that, as of August 1, 2015, operated 3,419 stores in 23 countries in North America, Europe, Australia, and New Zealand. Through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, Champs Sports, SIX:02, Runners Point, and Sidestep retail stores, as well as its direct-to-customer channels, including Eastbay.com, footlocker.com, and SIX02.com, the Company is a leading provider of athletic footwear and apparel.
|
Contact:
|
John Maurer
|
|
Vice President,
|
|
Treasurer & Investor Relations
|
|
Foot Locker, Inc.
|
|
(212) 720-4092
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/foot-locker-provides-pension-plan-litigation-update-300151963.html
SOURCE Foot Locker, Inc.