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G-III Apparel Group announces retail segment restructuring

08
Jun '20
Pic: G-III Apparel Group
Pic: G-III Apparel Group
New York-based G-III Apparel Group recently announced restructuring of its retail operations, which includes the closing of 110 Wilsons Leather and 89 G.H. Bass stores. It has hired Hilco Global to assist in the liquidation, which will start soon or as stores reopen. G-III-owned brands include DKNY, Donna Karan, Vilebrequin, Eliza J, Jessica Howard, Andrew Marc and Marc New York.

The company expects to incur an aggregate charge of approximately $100 million related to landlord termination fees, severance costs, store liquidation and closing costs, write-offs related to right-of-use assets and legal and professional fees.

A significant portion of these charges will be incurred during its second fiscal quarter ending July 31. It expects the cash portion of this charge to be nearly $65 million, according to a company press release.

“We believe that this restructuring plan will enable us to greatly reduce our retail losses and to ultimately have this segment become profitable....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,” said Morris  Goldfarb, G-III’s chairman and chief executive officer.

After the restructuring is over, the company’s retail operations segment will initially consist of 41 DKNY and 13 Karl Lagerfeld Paris stores, as well as the e-commerce sites for DKNY, Donna Karan, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass.

Fibre2Fashion News Desk (DS)


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