Saks Fifth Avenue and Abercrombie & Fitch plan to close some stores in the USA.
Saks is using the excuse of an impending expiration (2019) of a lease to close its 98,000-square-foot store at The Shops in Mission Viejo.
A store in Plano, Texas will close as well.
The OC Register reports:
“In the ordinary course of business, we assess the productivity, profitability and potential for each of our stores and may determine it is appropriate to close a store from time to time,” CEO Steve Sadove said. ”Store closing decisions are never easy, but the planned closing of these two stores is consistent with our strategy of employing our resources in our most productive locations.”
“In the ordinary course of business, we assess the productivity, profitability and potential for each of our stores and may determine it is appropriate to close a store from time to time,” CEO Steve Sadove said. ”Store closing decisions are never easy, but the planned closing of these two stores is consistent with our strategy of employing our resources in our most productive locations.”
WE ARE ALL THE THINGS YOU ARE:
WHERE ALL THINGS YOU WON'T FIND IN OC OR TX:
We thought this would be an opportune moment to view a vintage Saks Fifth Avenue ad!!
Remember them??
Retailer Abercrombie & Fitch plan to close 60 stores when those leases expire.
The Cut details:
After a pleasantly surprising first-quarter increase, Abercrombie's revenue is up in the second quarter, too! Net income totaled $19.5 million compared with a dismal $26.7 million loss in the same period last year; revenue in stores open at least a year increased 5 percent compared with a 30 percent loss last year. However, basic math tells even the least financially inclined of us that this isn't enough to completely offset quarter after quarter of embarrassing losses. Investors, too, are weary of the company's overall financial health. Plus, the company will close 60 stores in the U.S., many of which will just go down when their leases conveniently expire.
After a pleasantly surprising first-quarter increase, Abercrombie's revenue is up in the second quarter, too! Net income totaled $19.5 million compared with a dismal $26.7 million loss in the same period last year; revenue in stores open at least a year increased 5 percent compared with a 30 percent loss last year. However, basic math tells even the least financially inclined of us that this isn't enough to completely offset quarter after quarter of embarrassing losses. Investors, too, are weary of the company's overall financial health. Plus, the company will close 60 stores in the U.S., many of which will just go down when their leases conveniently expire.
Fabulous, darling
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