Hugo Boss May Shutter Some Locations

Hugo Boss (Metzingen, Germany) announced that, in order to save $58 million this year, it may close a number of its stores around the world.

As recently as the end of March, the company operated 1128 retail outlets globally, 438 of which are freestanding stores. While the company did not say how many stores or which locations it expects to close, it did note that closures could affect both categories. These closures are in addition to the 20 stores in China that the retailer had announced earlier this year that it plans to close.

The news came after the company experienced its biggest quarterly drop in profit in the past six years, reports Bloomberg.