Coronavirus Shifts Pricing Power to UPS and FedEx -- and They Are Using It - Market Screener
Online orders poured into Foot Locker Inc. in March, propping up business after the coronavirus pandemic forced the sneaker seller to close nearly all of its 3,000-plus stores.
By the end of June, Foot Locker had received notice from its longtime carrier, United Parcel Service Inc., that it would face a hefty rate increase on some of its shipping contracts, people familiar with the matter said.
Executives balked and are exploring moving that business to FedEx Corp. or other carriers, a person familiar with the matter said. A Foot Locker spokeswoman declined to comment.
Online orders poured into Foot Locker Inc. in March, propping up business after the coronavirus pandemic forced the sneaker seller to close nearly all of its 3,000-plus stores.
By the end of June, Foot Locker had received notice from its longtime carrier, United Parcel Service Inc., that it would face a hefty rate increase on some of its shipping contracts, people familiar with the matter said.
Executives balked and are exploring moving that business to FedEx Corp. or other carriers, a person familiar with the matter said. A Foot Locker spokeswoman declined to comment.
