Lululemon to close 40 Ivivva stores; stock surges [Toronto Globe and Mail (Ontario, Canada)]
lululemon athletica inc. (LULU)
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Source: Toronto Globe and Mail
Lululemon Athletica Inc. is shutting down 40 of its 55 Ivivva stores, citing years of operational losses. The Vancouver-based retailer said Thursday the line of girls’ yoga and athletic wear will continue to be sold, but mainly online, with half of the 15 remaining Ivivva stores to be converted to Lululemon outlets. “By Aug. 20 of this year, we will close all but eight of our Ivivva locations,” said CEO Laurent Potdevin on a conference call. “While I know this is the best path forward for the future of our business, it’s a very difficult decision due to its impact on our people.” A spokeswoman said the company isn’t yet disclosing which stores will be affected. There are 11 Ivivva stores in Canada. In premarket trading Friday, the company's stock was up more than 14 per cent heading into the Nasdaq open. Chief financial officer Stuart Haselden said on the call the company is targeting “a modest operating profit” for the slimmed down Ivivva to replace what he said have bee
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