HBC to review U.S. Saks Off 5th store fleet, shutters Home Outfitters in Canada
today Feb 22, 2019
All 37 Home Outfitters locations across Canada will close by the end of 2019. Meanwhile, its Saks Off 5th business, which is struggling financially and consists of 133 stores, will see up to 20 locations in the U.S. close.
“Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities.” said Helena Foulkes, HBC’s Chief Executive Officer, in a news statement.
“The divestiture of Gilt, rightsizing of Lord & Taylor, the recent merger of our European retail operations in Germany, and today’s announcement exemplify the bold strategic actions we are taking to set HBC up for long-term success.”
Most recently, HBC closed its Lord & Taylor’s flagship store on Fifth Avenue for good. That’s a year after HBC sold its unprofitable online brand Gil.
The department store-owner announced back in June that it would sell up to ten Lord & Taylor stores, including the flagship Manhattan location, as its quarterly loss widened following declines in its European and Saks Off 5th divisions.
The department store chain has been hit from the reality of online sales, leaving a number of its brick-and-mortar locations with little options.
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