With lagging sales and consumer demand for discounts, Michael Kors to close up to 125 of its full-price stores
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In yet another blow to the brick-and-mortar retail business, luxury retailer Michael Kors announced it will close up to 125 of its full-price stores. The company and its competitors have been facing slowing sales as more customers shop online and spend less on apparel. Michael Kors CEO John Idol announced the store closures in today’s earnings call, and said the brand needs to “further enhance our store experience in order to better engage and excite consumers.” Among other things, the brand has struggled to sell its handbags at full price, because shoppers have gotten used to serious discounts at department stores and competitors.
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