DSW to exit Town Shoes banner
Canadian footwear chain Town Shoes will be no more.
Parent company DSW Inc. announced that it will exit the Town Shoes banner, which operates 38 locations in Canada, mostly by the end of the fiscal year, as part of its second-quarter financial results on Tuesday.
"After completing our strategic assessment of the Canadian marketplace, we have decided to close its smallest retail banner and focus on the three largest family footwear banners which we believe have the most potential for future growth and profitability," explained CEO, Roger Rawlins.
The news comes just months after announcing a larger product assortment for spring 2018 with brand like Jil Sander Navy, See by Chloe, and Kate Spade, along with a campaign, which featured notable Canadian fashion influencers from across the country like Valeria Lipovetsky, Ania Boniecka, and Jodi Blk Lopez.
DSW acquired a 44 percent stake in Town Shoes in the spring of 2014 and fully acquired it earlier this year in May.
The mall-based retailer has stores across Canada including in Toronto at Yorkdale Shopping Centre, in Edmonton at West Edmonton Mall, and in Vancouver at CF Pacific Centre.
Still, DSW will continue to operate in Canada through its other retail banners including Shoe Company, Shoe Warehouse and DSW Designer Shoe Warehouse.
The company has close to 1,000 retail outlets across North America.
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