( New York, 15th June 2020 ) Due to the loss of the coronary disease epidemic, American fashion brand GUESS plans to close 100 stores in the next 18 months, accounting for 9% of the business.
According to "Bloomberg" report, GUESS Chief Executive Carlos announced on Wednesday that many retailers' leases are about to expire, so this provides management with conditions to renegotiate the terms.
He pointed out that, taking into account the market conditions that caused a significant decrease in customers due to the coronary disease epidemic, the company decided to close 100 stores in North America and China within the next 18 months, equivalent to 9% of its business scale.
GUESS achieved the goal of reducing expenses by closing the retailer and laying down 150 headquarter employees. Not only that, management has also reduced salaries by as much as 70% and eliminated all non-"critically necessary" expenses.
According to reports, GUESS shares listed on the New York Stock Exchange fell to $9.71 (RM 41.6) in the shock of the closing of the store last week, with a year-to-date decline of more than 50%.
**Info & Image are taken online
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