Foot Locker last week announced plans to close its Footaction chain, citing an overlap with its flagship property and other stores. The company will convert approximately one-third of Footaction's 231 stores this year into other banners, which include Foot Locker and Champ Sports. It will close the remainder as leases expire over the next two years. Overlap concerns have been heard since Footaction was acquired out of bankruptcy proceedings in 2004.