Shares of athletic-gear retail chains Dick’s Sporting Goods Inc. and Foot Locker Inc. tore in opposite directions on Thursday after the former struck a $2.5 billion deal to buy the latter, prompting analysts to question the benefits and the risks.

Dick’s Sporting Goods is buying the struggling footwear chain Foot Locker for about $2.4 billion, the second buyout of a major footwear company this year as business leaders struggle with U.S.

Together, the two retailers will have to wade the choppy waters of new tariffs on imports, including footwear. And they'll face the growing competition from shoe brands selling directly to shoppers.