Luxury retailer to close up to 125 stores

Another brick-and-mortar retailer announced May 31 it will close at least 100 stores over the next two years.

New York-based Michael Kors Holdings Ltd. (NYSE: KORS) said in its quarterly earnings report that it expects to close between 100 and 125 of its retail stores over the next year, resulting in $100 million to $125 million in closing-related costs and $60 million in annual savings.

CEO John Idol said that Michael Kors needs to right-size its store fleet.

“Fiscal 2017 was a challenging…

Luxury retailer to close up to 125 stores syndicated post

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