Michael Kors closing up over 100 stores in the next 2 years
Michael Kors company set to close between 100 to 125 in the next 2 years after experiencing poor sales. According to Foxbussiness.com “The company reported a more than 14% decline in same-store sales – a key measure of success for retailers – alongside an 11.2% drop in revenue to $1.06 billion in the first three months of the year. That compared to $1.20 billion in the year prior and $1.05 billion Wall Street expectations”.
To strengthen the luxury store back, they have decided to shut over more than 100 stores in the next two years.