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Movado Shuts the Door on Retail Boutique Division

PARAMUS, NJ-While the company will hold onto its flagship operation at New York City's Rockefeller Center, the closings will impact three Garden State storefronts.

By Alyson Grala | Updated on May 28, 2010

PARAMUS, NJ-In an effort to streamline its business, locally based Movado Retail Group will close its retail boutique division and focus on its wholesale model, the company announced along with its first-quarter fiscal 2011 results yesterday.

The stores, scheduled to close by June 30, include New Jersey locations at the Pier Shop at Caesars in Atlantic City, the Shops at Riverside in Hackensack and the Mall at Short Hills. The company will continue to operate its flagship at Rockefeller Center in New York as well as its 31 outlet stores. The company said it doesn’t intend to run any store closing or liquidation sales, a move to protect its brand name.

The move is one that Movado is taking to improve its overall profitability, redirecting investment toward what it believes are higher-return businesses. The company said it expects to increase its market share by expanding relationships with existing wholesaler customers and by enhancing its relationships with independent retailers.

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