Michael Hill Plans to Close Eight U.S. Stores to Reduce Losses

June 8 (Bloomberg) -- Michael Hill International Ltd., New Zealand’s biggest specialty jeweler, said it will close stores in the U.S. to reduce losses.

Eight of the company’s 17 outlets will shut at the end of June at an expected cost of $1.8 million, Michael Hill said in a statement to the New Zealand stock exchange. The remaining stores are all in the greater Chicago area, it said.

Excluding the store-closure costs, the company expects the U.S. unit to report a $6 million operating loss for the year ending June 30. Link to Statement:{NSN L3NVNJ3MMTC0 <GO>}

Link to Company News:{MHI NZ <Equity> CN <GO>}

To contact the editor responsible for this story: Gavin Evans at gavinevans@bloomberg.net