Among the goals of this partnership are stabilizing same-stores sales, enhancing the North American portfolio, pursuing global opportunities and looking at acquisitions, Sera says. The new comes as Foot Locker's same-store sales and earnings dropped for its most recent quarter, which ended July 29.

Same-stores sales decreased 1.3% year over year, and total sales, which came in at just over $1.3 billion, were essentially flat. Foot Locker's net income was $14 million, down from $44 million during last year's second quarter, due to a write down on the retailer's European business.

Stores in Europe fared particularly poorly, particularly as a result of the competitive environment in the UK, executives say, with same-store sales falling 10%. "That is the number one promotional market," Sera says. Canada and Asia posted a mid-single-digt increase.