Michael Kors To Close Between 100 And 125 Stores

Michael Kors Holdings Ltd. said Wednesday that it will close 100 to 125 full-price stores over the next two years. As a result, the company expects to incur about $100 million to $125 million in one-time charges. Ultimately, the company expects annual savings of $60 million. In the fourth-quarter of 2017, the company recorded impairment charges totaling $193.8 million related to underperforming stores. Michael Kors shares are down 6.8% in Wednesday premarket trading, and shares are down 15.6% for the year so far. The S&P 500 index is up 7.8% for 2017 to date.