Wilsons' executives say their firm also plans to offer more leather accessories and put a bigger emphasis on fashion-oriented outerwear as part of a strategy to turn around the company.
The company continues to talk with its lenders about amending loans coming due on March 15 and on April 15. Wilsons hopes to avoid defaulting on them.
Officials at the leather goods retailer disclosed plans after reporting fourth-quarter 2003 earnings of $12.4 million. But Wilson's sales continue to slide. Sales for the quarter ended Jan. 31 were $268.1 million, down 11.5% from $303.1 million for the same period a year earlier.
Wilsons operates 460 stores, including 334 mall stores, 107 outlet stores and 19 airport stores. It typically runs another 200 or so seasonal stores from October through January for the traditional holiday selling period, but will likely cut that number in half this fall.
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