"This is part of our restructuring," Emmanuelle Accad, spokesperson for the company, tells GlobeSt.com. "We are trying to make the company profitable." According to Accad, of the 95 stores four Massachusetts locations--at Logan Airport, Worcester, Springfield and Auburn--are closing. Accad says of the locations in the state, these were least profitable.
In this area, 25 stores remain. Reportedly, the company does not plan on closing any more stores and is currently talking to interested buyers.
The company was founded nine years ago by Doug Karp and Ben Fischman, both sons of local mall developers, and quickly became successful. By this past January, the company had 388 stores. A retail slowdown combined with a credit market made it difficult for the company to handle its aggressive growth.
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