While many stores are reopening their physical locations after months of being shuttered, some brands are being faced with the difficult decision of closing them. It’s just been revealed that GUESS will be closing 100 store locations over the next eighteen months.
According to Business Of Fashion, the retailer will be closing stores in North America and China and that these 100 stores work out to being 9% of its total network.
BOF reports that one-third of Guess stores in Canada and the U.S. have leases ending soon and 15% of its European stores will come up for renewal in the next year.
The brand was able to reduce some expenses as it furloughed workers while stores were closed due to the COVID-19 pandemic. It also suspended rent payments in April and is now in negotiations with landlords.
As of February 2020, Guess has 1,169 stores, with its partners operating an additional 560.
Guess is just another name to add to the list of retailers and companies who have announced store closings. Victoria’s Secret, Nando’s, Pier 1 Imports, and more have sadly shuttered locations or have closed down completely.
Articles You May Also Be Interested In:
Reitmans Is The Latest Canadian Retailer To File For Creditor Protection
The Company That Owns Bootlegger, Cleo & Ricki’s Has Filed For Bankruptcy Protection
Victoria’s Secret Is Closing 250 Stores Across North America
The Company That Owns Sporting Goods Store SAIL Has Filed For Bankruptcy Protection
Starbucks Is Closing 200 Locations Across Canada Within 2 Years