Report: Coach to close 70 stores

New York -- Coach plans to shutter about 70 underperforming stores in fiscal 2015, Crain’s New York reported. The retailer, which has been under heavy competitive pressure from Michael Kors and other upscale companies, also gave a disappointing revenue forecast for its current fiscal year.
Coach CEO Victor Luis told investors and analysts Thursday that the company is at a crossroads and will undertake a number of major initiatives during the next 12 to 18 months, including reducing promotional levels, introducing new advertising, shuttering stores and changing its product offerings, the report said.

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