Checkout
Guess to Close 100 Stores Worldwide Over Next 18 Months
- Apparel chain saw sales plunge amid Covid-19 lockdown measures
- Company has suspended rent payments as it talks with landlords
Women's jewelry sits on display in a Guess? Inc. store window in Hamburg, Germany.
Photographer: Krisztian Bocsi/BloombergGuess? Inc. plans to close about 100 stores worldwide, or about 9% of its network, joining retailers across the world that are rethinking their store fleets as customers return to shops after the coronavirus shutdown.
The closures will be in North America and China over the next 18 months. Chief Executive Officer Carlos Alberini said Wednesday that many of the retailer’s leases are set to expire soon, which gives management a chance to renegotiate terms.