Guess Will Close 50 North American Stores
Sad news Guess lovers! After struggling sales this year, Paul Marciano, cofounder and CEO of the jeanswear and sportswear firm, has decided to say ‘goodbye’ to 50 of 488 North American Guess stores at the end of the current fiscal year. The announcement came after a disappointing second quarter where their net income fell 44.9% in just three months. The dwindling of North American stores started last year when Guess shut down 19 locations.
The Los Angeles-based retailer told WWD that the closures are apart of an attempt to “adapt to the new normal of retail today,” and are currently looking to further address the “acceleration of the integration of consumer buying behaviour across brick-and-mortar, online and mobile platforms, creating a true omnichannel shopping experience.” There is no word as of yet to which North American locations will be closed, but we’ll keep you updated!