American clothing company G-III Apparel Group has announced the closure of 110 Wilsons Leather and 89 G.H. Bass stores.
The move is part of the company’s plan to restructure its retail operations. Liquidation process will commence soon or as stores reopen.
Financial service company Hilco Global will help the company with the process.
G-III Apparel chairman and chief executive officer Morris Goldfarb said: “We have completed a comprehensive review of our retail operations segment.
“With a focus on enhancing shareholder value, we have made the difficult decision to close all of the Wilsons Leather and G. H. Bass stores and have entered into agreements for the early lease termination of a significant majority of these stores.
“We believe that this restructuring plan will enable us to greatly reduce our retail losses and to ultimately have this segment become profitable. I am appreciative of all members of the retail team for their hard work and dedication over the years.”
Once completed, the restructuring process will leave the company with 41 DKNY and 13 Karl Lagerfeld Paris stores.
In addition, it will also include e-commerce sites for DKNY, Donna Karan, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass.
Goldfarb added: “Our wholesale business, anchored by our five global power brands: DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld, will continue to be the primary growth and profit engine for the company. We have a great base of business which we believe creates a strong foundation for our future.”