Pursuits
Kate Spade to Shut Brand Stores While Forming China Venture
This article is for subscribers only.
Kate Spade & Co., the handbag maker working to become a global lifestyle brand, will close stores devoted to its lower-priced and men’s lines while starting a new joint venture to speed its growth in China.
The 19 stores for the bargain Kate Spade Saturday line will shut in the first half of the year, as will the 12 Jack Spade men’s locations, the New York-based company said Thursday in a statement. The changes will result in cash charges of as much as $30 million and non-cash charges of as much as $9 million.