Dick's Sporting Goods is buying ailing shoe company Foot Locker for $2.4 billion, the second deal for a large U.S. footwear maker in recent weeks as the industry grapples with the impact of steep new American tariffs on their production.

Dick's said Thursday that it expects to run Foot Locker as a standalone unit and keep the Foot Locker brands, which include Kids Foot Locker, Champs Sports, WSS and Japanese sneaker brand atmos.

"Sports and sports culture continue to be incredibly powerful, and with this acquisition, we'll create a new global platform that serves those ever evolving needs through iconic concepts consumers know and love, enhanced store designs and omnichannel experiences, as well as a product mix that appeals to our different customer bases," Dick's CEO Lauren Hobart said

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