It is unfortunate that many stores are closing down worldwide due to the Covid-19 pandemic that has badly affected the economy and it is sad to see many of our favourite brands closing down for good.
Guess? Inc. will be shutting down 100 of its stories worldwide within the next 18 months after experiencing shifts in market demand and stock performance. The closures will be in North America and China.
According to The Bangkok Post, CEO Carlos Alberini said that many of Guess’ stores will be ending its lease agreements around the same time, allowing them to reconsider the terms.
“Under our new-normal model it’s made very clear that our store portfolios around the world could be optimized to increase profitability,” he said in a conference call.
Reports have revealed that Guess shares fell by about 24 percent, $9.71 (RM41.57) recently, which is a 52 percent decrease compared to the start of the year. The Covid-19 pandemic certainly played a huge role in this decline as many Guess stores had to be closed down for long periods of time.
In order to minimise losses, Guess had to lay off a large portion of its store employees, half of its corporate staff and 150 workers at its headquarters in Los Angeles, while some management staff had to suffer salary cuts.
Meanwhile, almost 70 percent of Guess’ leases will be ending within the next three years.
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