BEAUTY + STYLE
Michael Kors to Close Stores
Source: Pinterest
Michael Kors have announced the closure of up to 125 of its full priced retail stores over the next two years amid falling sales.
The company did not disclose which stores would close, or how many employees they expect to lay off, but said it expected to save $60 million a year by closing the stores.
Shares in Michael Kors are down 24% so far this year.
Michael Kors CEO John Idol said the company is facing a “difficult retail environment with elevated promotional levels” but added, “our product and store experience did not sufficiently engage and excited consumers.”
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