Guess to Shut Down 100 Stores Worldwide

Renegotiating rent with landlords.

By
Fashion
4,279 Hypes 4 Comments

Guess will be shutting down 100 of its stores worldwide over the course of the next 18 months. According to CEO Carlos Alberini, many of the label’s stores will be ending its lease agreements around a similar timeframe, allowing Guess to reconsider terms.

Closing throughout China, North America and Europe, Guess is pivoting its business strategy after experiencing shifts in market demand and stock performance. “…under our new-normal model [it] made very clear that our store portfolios around the world could be optimized to increase profitability,” mentioned Alberini in a conference call with analysts. Reports indicate Guess shares fell by roughly 24 percent, $9.71 USD, recently — a 52 percent decline when measured against the start of the year. Much of this was caused by extended closures of Guess’ stores amidst the COVID-19 crisis. In an attempt to minimize losses, Guess furloughed a large portion of store employees, half of its corporate staff and laying off 150 workers at its headquarters in Los Angeles, while cutting some salaries of management by a significant degree. Close to 70 percent of Guess’ leases will be ending within the next three years.

Most recently, Zara will be closing 1,200 retail stores and shift its focus to online shopping.

Read Full Article

What to Read Next

ASICS' GEL-Kinsei OG Gets Electrifying "Huddle Yellow" Overhaul
Footwear

ASICS' GEL-Kinsei OG Gets Electrifying "Huddle Yellow" Overhaul

Sharp colors for the sleek silhouette.

Tiffany & Co.'s Quarterly Sales Plummet by 44 Percent
Fashion 

Tiffany & Co.'s Quarterly Sales Plummet by 44 Percent

The company is now forced to amend its debt agreements.

Mr Eazi and His emPawa Africa Program Share New Project 'One Day You Will Understand'
Music

Mr Eazi and His emPawa Africa Program Share New Project 'One Day You Will Understand'

Featuring melodic and emotive Afropop tunes.


Kenny Beats Gifts Aspiring Musician a Home Studio
Music

Kenny Beats Gifts Aspiring Musician a Home Studio

After a viral Twitter meme spotlighted the young rapper and producer’s setup.

Audemars Piguet Reveals 2020 Royal Oak Concept Flying Tourbillon GMT
Fashion

Audemars Piguet Reveals 2020 Royal Oak Concept Flying Tourbillon GMT

Priced at $198,400 USD.

Copenhagen Fashion Week SS21 Will Present Both Digital and Physical Shows
Fashion

Copenhagen Fashion Week SS21 Will Present Both Digital and Physical Shows

A hybrid platform has been introduced so no one misses the presentations.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.