Dick's Sporting Goods was nearing a deal to buy rival footwear retailer Foot Locker for about $2.3 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Dick's Sporting Goods was nearing a deal to buy rival footwear retailer Foot Locker for about $2.3 billion, the Wall Street Journal reported on Wednesday, citing people familiar…

Foot Locker has been struggling with flagging sales for years prior to the acquisition.