Bombay, now with 472 stores nationwide, will open 13 new units through the end of the year, while closing approximately 30 stores, and converting 20 of its KIDS/core combination stores solely to the core format. By year-end, the company should have between 430 and 435 stores.
"Our exit from the KIDS business will be managed in an orderly phasing plan through the rest of this year, to avoid heavy inventory losses. It will lead to more productivity in the combo stores," said David B. Stewart, CEO, who joined the company in June. "It will help us identify and focus on our core business."
The remaining 40 Kids stores will be converted over the next 12 to 18 months. Bombay closed 13 stores while opening three in the last quarter, continuing its migration of store locations from malls to off-mall locations, said Elaine Crowley, CFO.
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