Seattle-based luxury department store Kress has announced that it will be closing its stores in January 2018, after a two-year run in the city.
Kress, founded in 2012, was known for offering a variety of quality clothing and accessories at reasonable prices.
It is one of the top-selling luxury department chains in the US.
“The decision to close Kress is part of our strategy to focus on growth and focus on our customers,” the company said in a statement.
Kess said it will retain the retail space in its new stores.
“Kress has made a big difference in the lives of our customers.
We are proud to continue our strong relationship with our customers through this decision,” the statement said.KESS has also announced plans to buy back the inventory it stores.”
We’re very pleased to announce we will be purchasing back all of our inventory.
We have over 20 years of experience in the department store industry and are grateful to our customers for the many years they have given us,” the chain said in the statement.”
This will help us better manage the store, reduce waste and help ensure that our stores remain a positive, safe and caring environment for our customers.”
In January 2018 the company posted a $8m loss.
Its share price had fallen more than 50 per cent since its founding in 2012.