As if 2017 hadn't taken enough away from us, the year counts yet another mall staple among its victims. After American Apparel, Wet Seal, BCBG, Abercrombie and Bebe all announced some degree of store closures in the last few months, Michael Kors is the latest retailer to bite the dust. After suffering significant financial losses, the brand announced Wednesday that it would close 100 to 125 of its store locations.
"[O]ur product and store experience did not sufficiently engage and excite consumers," said CEO John Idol in a statement. "We acknowledge that we need to take further steps to elevate the level of fashion innovation in our accessories assortments and enhance our store experience in order to deepen consumer desire and demand for our products." It's true that Michael Kors offerings aren't the most varied, with their most popular items being a range of extremely similar handbags and wallets.
Although this isn't a certain death for MK, it definitely isn't looking good. For now, we all have one burning question:
When is the clearance sale?
— Bharti S. (@Ms__Bharti) May 31, 2017
