Retailers, consumers and prices
Check Out Line: Close doors, protect profits
Check out more retail doors closing.
Jones Apparel, which owns Nine West, Jones New York and other brands, said it will close 240 retail stores this year and next.
The company said the move will save it $4 million this year, $15 million next year and $21 million in 2011.
Saving money is the strategy many retailers have adopted over the past year as the recession clobbers sales.
Jones also sought refuge in cost cuts as it beat Wall Street estimates for second-quarter profits. Jeans sales were strong, which was good because sales of pretty much everything else fell.
Jones is trying out a new retail concept, a shoe store called ShoeWoo, which could provide something the retail sector needs, if the ShoeWoo website is correct.
“WOO is a FUN FUN FUN rush of HAPPY,” the web site proclaims. And what retailer couldn’t use a FUN FUN FUN rush of HAPPY right now?
Also in the basket:
Coca-Cola Enterprises profit beats expectations
Timberland Q2 loss wider than estimates
KKR plans a Dollar General IPO (WSJ, subscription required)
(Photo: ShoeWoo website)