Michael Kors, a high-end accessory and clothing company, announced Wednesday that it plans to close up to 125 stores over the next two years amid plummeting sales.
Michael Kors is the latest in a series of retailers to announce store closings amid a surge in online buying. Macy’s, JcPenney, Hhgregg and BCBG Maxazria have all announced closures.
As of April 1, Michael Kors operated 827 retail stores, including concessions, compared to 668 retail stores, including concessions, at the end of the same prior-year period. The Company had 133 additional retail stores, including concessions, operated through licensing partners. Including licensed locations, there were 960 Michael Kors stores worldwide at the end of the fourth quarter of fiscal 2017.