Get ready to see a whole lot less of Michael Kors in your local mall — unless you live in Asia
According to the Los Angeles Times, the luxury retailer announced Wednesday it would be closing 100 to 125 stores in the next two years. It’s unclear which of the 827 global stores the company is looking to shut down, but the decision is expected to save around $60 million per year.
The reasons for the closures are twofold: It’s partly to make way for the brand’s expansion into Asia and partly to adjust to the increase in online shopping over in-person purchasing.
Based on the results of this evaluation, we plan to close between 100 and 125 lifestyle stores globally over the next two years,” the brand told Allure in a statement.
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