Liz Claiborne Sells Outlets in Canada
Liz sells her 38 Claiborne Canadian’s outlets to Laura Canada.Liz Claiborne - New York-based fashion house is drawing out its retail operations in Canada. Liz Claiborne is selling her 38 Canadian stores to Laura Canada - Montreal-based retailer.
In a statement, Laura Canada stated that the obtained stores will be converted in Laura’s concept or to Melanie Lyne concept by mid-March. By the end of the year, Laura Canada is planning to have about 170 stores all over the country.
President of Laura Canada - Kalman Fisher stated, “As a result of the expansion we see a tremendous opportunity to penetrate the market further and offer our customers more convenience to enhance their shopping experience. We look forward to continually servicing their needs.”
The obtained stores are in about 6 provinces, seven in Alberta, seventeen in Ontario, two in Nova Scotia, five in British Columbia, one in Manitoba and six in Quebec outlet. Brenda Wilson - Laura Canada Vice President of Marketing stated that privately-owned company will not be releasing acquisition’s financial details.
In Canada, Liz Claiborne has about 44 retail outlets. In department stores such as The Bay, Liz Claiborne sells clothes. The company wholesale distribution business in Canada will not be affected, the company stated.
Liz Claiborne Inc. executive vice president and chief financial officer - Andrew Warren stated that, "The Liz Claiborne Canada retail division has struggled over the past two years and after reviewing our options we concluded that the assignment of the retail leases was the best decision for the future of the brand in that country."
The other six stores which weren’t sold to Laura Canada will be closed or be converted into another business format within the company or it can be operated until the point that the leases will be expired.
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