Michael Kors to close up to 125 stores

Michael Kors-designed purses on display during a media preview for the two- floor, 160,000-square-foot Dillard’s store at Liberty Center in this 2015 photo. GREG LYNCH / STAFF

Michael Kors-designed purses on display during a media preview for the two- floor, 160,000-square-foot Dillard’s store at Liberty Center in this 2015 photo. GREG LYNCH / STAFF
Business
By Tom Gnau
May 31, 2017
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High-end clothing retailer Michael Kors is closing up to 125 stores.

“In the fourth quarter of fiscal 2017 the company recorded impairment charges of $193.8 million primarily related to under-performing lifestyle stores,” Michael Kors Holdings Limited said in an earnings report Wednesday. “In addition, the company announced today that it intends to improve the profitability of its store fleet by closing between 100 and 125 of its full-price retail stores over the next 2 years.”

RETAIL APOCALYPSE: Gander Mountain declares bankruptcy, plans to close 32 stores to start

The retailer has a presence at the Dayton Mall Macy’s, Cincinnati Premium Outlets in Monroe and Tanger Outlet in Jeffersonville. The company did not immediately say which stores are closing.

The net loss attributable to the company was $26.8 million, or 17 cents per diluted share, Kors reported Wednesday.

MORE LOSSES: Macy's, Kmart, JCPenney: More retailers closing brick-and-mortar stores

Retailers have faced an increasingly challenging environment in recent years as fewer people shop at brick-and-mortar retails locations, turning instead to online shopping.

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About the Author

Tom Gnau