Hundreds of Dick’s Sporting Goods Employees Laid Off
Dick's Sporting Goods, which was founded in Binghamton, reportedly has slashed its corporate workforce by about 250 people.
The job cuts occurred ahead of the company's quarterly earnings report, which was released Tuesday morning.
According to Bloomberg, some of the savings gained by the job cuts "would be used to hire more workers in other areas."
Dick's Sporting Goods is headquartered in the Pittsburgh area. The company reported a 23% decrease in profits. Slow sales of outdoor gear and increased retail theft were among the factors cited for the poor performance.
In a news release, company CEO Lauren Hobart said profitability for the latest quarter "was short of our expectations due in large part to the impact of elevated inventory shrink."
The earnings report came just days after the company opened its largest House of Sport new-concept store. The 140,000-square-foot location at the Oakdale Commons in Johnson City has been described as the biggest Dick's Sporting Goods retail location.
The company closed its traditional-format store in Vestal's Town Square Mall on August 8. That store had operated at that location for about 31 years.
Dick's Sporting Goods lease at that site doesn't run out for years, leading to speculation the company may relocate its "Warehouse Sale" store from the nearby Parkway Plaza.
Dick's Sporting Goods does not comment on its future store location plans.