By Emily JashnerOctober 15, 2019 07:11:33Harrods has announced that it will close its doors by 2025.
The retail chain has a long history of struggling to adapt to a changing retail landscape.
Since the chain opened in 1976, the company has experienced rapid growth in the number of stores it owns and has struggled to stay afloat in the post-consumerist retail landscape in which retailers are increasingly looking to cut costs and expand their reach beyond the mall.
In a statement on Wednesday, Harroards CEO, Chris Prentice, said the retailer has made “significant and meaningful investments in our stores, including expanding our stores into urban areas.”
The company is planning to build new stores in the U.K., Ireland, Canada and other countries.
“We continue to be a key contributor to the U:P.
in terms of growth, but have seen the number and scale of our store closures accelerate in recent years,” Prentice said.
Harroards is now the fifth largest department store chain in the world with about 1,400 stores in 30 countries.
In terms of revenue, Harros accounts for nearly half of all the U-P chain’s sales.
Prentice said the company’s goal was to make Harroarts “the world’s leading independent department store.”
“Over the next 15 years, we are committed to building on the legacy of Harroords, and we will continue to invest to ensure the store remains a leader in the industry,” Pisher said.
Harroys will shut its doors in December 2025, marking the end of a period of nearly 30 years.
On Wednesday, the retailer revealed that it had lost $2.5 billion in the last five years and has a net loss of $13.5 million.
As of March 2019, the U,P chain had an operating loss of about $6.7 billion, according to a Reuters tally.
According to Prentice’s statement, Harroyds has more than doubled its workforce over the last three years, adding more than 2,000 employees to its workforce in 2017 and more than 4,000 in 2018.
Earlier this year, Harrobs chief executive officer David Denniss said the chain is in “the midst of a turnaround strategy that will make us the world’s largest independent department stores.”
Harroyds is also the only major department store to report a loss in the second quarter of 2018, according the Reuters data.
This year, the chain said it would spend more than $500 million to improve its store network and expand its distribution network.
While the chain has had problems with its stores in recent times, Prentice noted that it was working to bring in more employees to staff its stores, which will help it stay competitive.
Meanwhile, Harrahs’ global sales were up 10.9 percent in the third quarter of 2019, compared to the previous quarter.
“Our stores have been a core part of our company for decades and we are excited to be able to continue to grow our sales and customer service across a broad range of brands,” Pampers chief executive, Scott Aitken, said in a statement.
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