Foot Locker’s future headquarters in St. Petersburg, Fla. is no more.

In a memo by St. Petersburg city development administrator James Corbett, which was seen by FN, the retailer has “reevaluated” its corporate strategy following its $2.4 billion acquisition by Dick’s Sporting Goods in September. “[Foot Locker] has decided not to move forward with relocating its global headquarters to St. Petersburg,” Corbett wrote.

In the memo, Corbett said that the city council approved a resolution last year that authorized up to $475,000 in financial incentives to support Foot Locker in relocating its global headquarters to the Florida town.

The package included a $235,000 base incentive and up to $240,000 in hiring incentives, contingent upon Foot Locker meeting specified conditions related to job creation, wage levels, capital investment, and supplier diversity, the memo stated. Foot Locker expected to create over 150 jobs in the Florida city upon opening of its new offices.

The news comes after Foot Locker announced its intention in August 2024 to move its global headquarters to St. Petersburg, Fla. in 2025 while maintaining a smaller presence in its current New York City office.

At the time, Foot Locker said the move would help to cut costs and drive collaboration among teams in a location where many employees are already based. (Champs is already headquartered in St. Pete.)

In March, it looked like the move was one step closer to happening when national real estate investment firm The Feil Organization disclosed that the sneaker retailer had signed a long-term office lease for a 110,998-square-foot space at 570 Carillon Parkway in St. Pete.

But after Foot Locker was acquired, some analysts were skeptical the move to Florida would even happen since Dick’s Sporting Goods is based in Pittsburgh.

According to Williams Trading analyst Sam Poser, his checks indicate that Foot Locker’s merchant team will remain in NYC and not move to St. Petersburg. “Dick’s has not confirmed our check,” Poser wrote in a note in September. “Keeping the Foot Locker team in NYC is best, in our view, for talent acquisition, and having close contact with core streetwear and fashion sneaker consumers.”

As for what else is coming from the merger, market watchers will have to wait and see. Dick’s executive chairman Ed Stack said during the company’s second quarter earnings call in August that a full picture of its plans for Foot Locker will not be disclosed until its third quarter earnings call on Nov. 25.