Kit and Ace Announces Layoffs, Store Closures

Kit and Ace (Vancouver, British Columbia) announced today that it will lay off 20 percent of its 280-person corporate staff and will close 25 percent of its 60 or so physical outlets, although there are no plans to close its “showroom” pop-up locations, reports a company representative to VMSD.

The announcement comes on the heels of the company's founder JJ Wilson stepping down as ceo, to be replaced in the corporate role by his father (and Lululemon founder) Chip Wilson. JJ Wilson's seat on the brand's board remains.

Analysts attribute the retailer's financial difficulties to its rate of expansion and its position in a declining apparel sector, reports the Vancouver Sun.

Paul Wilson (of no relation to the Wilsons), ceo of Hold It All, Chip Wilson's holding company for his personal and business interests, says the chain will continue as a “smaller organization.”

Correction: VMSD previously reported that Kit and Ace's pop-up locations were included in its planned store closures. According to a representative, the pop-up locations are leased on a short-term basis, and thus have not been considered for closure.