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NEW YORK – Phillips-Van Heusen is getting out of the Geoffrey Beene outlet retail business. PVH operates about 100 Geoffrey Been outlet retail stores, 25 of which will be converted to Calvin Klein outlet stores. The rest will be exited and the division shuttered. The company says its Geoffrey Beene dress shirts and sportswear licenses will not be affected; they have been renewed until the end of 2013.
“The closing of our Geoffrey Beene retail division in no way bears on our commitment to our Geoffrey Beene wholesale dress shirt and sportswear businesses,” said PVH CEO Emanuel Chirico in a statement. “Geoffrey Beene remains the number one designer dress shirt brand in the U.S. and is an important component of our stable of brands.”
Chirico said that the retail division was expected to break even or operate at a modest loss. Exiting the division will cost PVH about $15 million or 29 cents per share over the next year.
He continued: “By converting a portion of the Geoffrey Beene store portfolio to Calvin Klein outlet retail stores, we will accelerate the growth of our most productive and profitable outlet retail division and more quickly reach our desired number of Calvin Klein outlet retail stores. The conversion of approximately 25 stores to the Calvin Klein format should result in significantly higher sales per square foot and higher operating margins in these stores, which should have a positive impact on fiscal 2009 operating results.”
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