The coronavirus pandemic has crippled many businesses across the U.S., but few have been as harshly affected as the retail industry. Day after day, iconic companies and stores are being forced to shut their doors and the latest victim is a nearly 100-year-old footwear brand: Naturalizer. The store's parent company, Caleres Inc., announced that it is closing 133 Naturalizer stores in the U.S. and Canada, and by the end of the fiscal year, only two will remain in the U.S. Read on for the details, and for another recent closure that has many shoppers disappointed, check out This Adored Restaurant Chain Just Filed for Bankruptcy.
During Caleres' third-quarter earnings call this week, the company's SVP and CFO Kenneth Hannah said Naturalizer stores have been significantly affected by the coronavirus pandemic, "putting pressure and putting a number of those stores into a loss position," according to Retail Dive. "We went from stores that were generating [a] decent amount of revenue and obviously that reduction [in foot traffic] has put a lot of pressure on the bottom line," Hannah said. "Now is just a good time to go ahead and exit."
As a result, Footwear News reports, Caleres announced the closures of most brick-and-mortar Naturalizer stores and said they plan to grow Naturalizer's e-commerce business through both its own website and the websites of other Caleres brands, which include Famous Footwear.
"[A]s we continue to respond to the changing patterns of consumer demand, it was the moment to address Naturalizer's store footprint," Caleres chairman, president, and CEO Diane Sullivan said on the call. "But make no mistake, we continue to view the Naturalizer brand as a strong and value-driving component of our portfolio. In fact, Naturalizer continues to inspire great brand loyalty. It has a great track record of anticipating and adjusting to consumer preferences and needs."
Naturalizer dates back to 1927, their website notes, keeping to its original intent to "design shoes that fit how women lived their lives." Though the company stood strong throughout the 21st century, in a 2002 restructuring, Caleres closed 100 Naturalizer stores and by 2017, 153 Naturalizers remained. However, by the end of this fiscal year, only two Naturalizers will still be left standing: one in Miami's Dadeland Mall and New York City's 34th Street location.
Read on for other companies that are suffering, and for another business that's shutting down left and right, check out This Iconic Store Is Closing Over 200 Locations.
Read the original article on Best Life.
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