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Destination Maternity to close 117 stores.

Byline: Gabrielle Saulsbery

Destination Maternity announced it plans to close 117 stores by the end of fiscal year 2018 as part of a multiyear strategic plan.Destination Maternity announced it plans to close 117 stores by the end of fiscal year 2018 as part of a multiyear strategic plan.

The Moorestown-based retailer also plans to close between 42 and 67 stores in fiscal year 2019. Projected closings between fiscal year 2017 and fiscal year 2022 are between 240 and 280 stores.

Calling the closings a way of "right-sizing our ship," the company said Tuesday it plans to "close unprofitable stores and prune overly saturated markets."

Destination Maternity expects to save between $2.3 million and $2.5 million from lease renewal negotiations on owned stores during fiscal year 2018, and $1.5 million to $2 million from lease renewal negotiations in fiscal year 2019.

According to its plan, the company aims for 42 percent of its sales to be done online by 2022, and is earmarking between $4 million and $6 million for investments in technology upgrades to make that possible.

The company did not return calls for comment by press time.View the full article from NJBIZ at http://www.njbiz.com/article/20181107/NJBIZ01/181109893/destination-maternity-to-close-117-stores. Copyright 2018 BridgeTower Media. All Rights Reserved.

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Author:Saulsbery, Gabrielle
Publication:NJ Biz
Article Type:Brief article
Date:Nov 7, 2018
Words:223
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