Vera Bradley (Fort Wayne, Ind.) revealed plans to close about 40 stores over the next two years. Currently, the company operates 102 full-line stores.
The company is planning to close 10 stores during the next fiscal year and close remaining stores as leases expire. It did not detail which locations are on the chopping block, but some stores may be spared if their numbers improve, according to Women’s Wear Daily.
The news came during the company’s third-quarter earnings call with numbers lower than Wall Street expectations, as in-store sales suffered a decline of 21 percent. The company attributed the declines in part to higher-than-expected shipping costs and reduced clearance sales.