Michael Kors to close up to 125 stores as luxury retail woes deepen [USA TODAY]
MICHAEL KORS HOLDINGS (KORS)
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Source: USA TODAY
(Photo: Michael Kors Holdings) CONNECT TWEET LINKEDIN COMMENT EMAIL MORE Michael Kors said Wednesday that it would close 100 to 125 stores as the luxury retailer's slump deepens. The luxury retail sector's struggles are bludgeoning Michael Kors, which also acknowledged that it had delivered an underwhelming store experience for consumers. The company had 827 full-price or outlet stores and another 133 licensed stores for a total of 960 worldwide when its fiscal year ended April 1. The move comes amid prolonged turbulence for the luxury retail business. Coach recently announced a deal to acquire upscale retailer Kate Spade , and Jimmy Choo put itself up for sale . Tourist spending at U.S. stores is hurting because of the strong dollar, Chinese growth has slowed, online competition is undermining physical retailers and sales at department stores are lagging. Michael Kors spokesperson Brittany Fraser declined to disclose a list of store closur
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