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Wednesday, November 6, 2013

News Now! | Gilly Hicks Stores Closing – Part I: The Overview...

Gilly Hicks storefront at Wesfield London, first international opening.
In light of long-time culminating retail shortcomings, and recent experimentation into other promising performance strategies for the brand, Abercrombie & Fitch Co. has publicly announced its plans to shutter all Gilly Hicks stand-alone retail stores. "We believe it is critical to focus our efforts and resources where we have the greatest opportunities to drive profitable growth for our brands," shared Michael "Mike" Jeffries (Chairman & CEO), as the Company looks forward to continuing working on the Gilly Hicks brand through direct-to-consumer (ecommerce) and other instore retail – via Hollister Co. stores – business operations...

Closing of all Gilly Hicks stores is set to reach completion by the end of the first quarter (Q1) of the Fiscal 2014 year. We are currently in the fourth quarter of the Fiscal 2013 year which is to end on February 1, 2014...and then Q1 FY2014 will subsequently commence. The first quarter (comprising of the first 13 weeks) of Fiscal 2014 will end on May 3, 2014.

At the time of breaking news on November 5, there were 26 Gilly Hicks stores in total: 18 stores in the United States (16 standard; 1 outlet store; and 1 store at A&F Home Office); 7 stores in the UK (5 standard and 1 outlet store in England; and 1 in Wales); and 1 in Germany. While stores in the American market are one thing, stores in the European market are subject to applicable notice and consultation provisions.

Read Gilly Hicks Stores Closing – Part II: The Analysis for exclusive details and insight you will only find at #THEHOTTESTBLOG!