Coach Inc., the maker of high-end accessories, handbags, shoes and clothing, says it will close 70 retail stores, possibly by early next year.
Coach didn’t tell investors which locations they plan to close, but the company has a store locally at The Shops at Wiregrass, 28211 Paseo Drive, Suite 160.
The closure is part of what the New York-based company has called a multi-year transformation plan that will be focused on a new global branding strategy centered on the concept of “defining modern luxury,” according to a filing with the U.S. Securities and Exchange Commission. The overall plan could have up to a $300 million hit to the company’s bottom line through next year.
Sales over the last nine months leading into spring were down nearly 5 percent for the company, according to public filings, dropping to $3.7 billion.
Coach operates 351 stores in North America, according to its filings with investors. The closures would account for nearly 20 percent of its total retail outlets. Other locations in the greater Tampa Bay region include International Plaza in Tampa’s Westshore District, Countryside Mall in Clearwater, and Brandon Town Center.
