May 31 (UPI) -- Luxury retailer Michael Kors Holdings Ltd. will close 100 to 125 stores in the next two years, it announced Wednesday.
The New York-based company is known for handbags, watches and other accessory and clothing items. It is among many retailers reporting declining sales and traffic at stores because of consumers' preferences for ordering products online. It has also been unable to sell its many of its goods at full price, requiring use of what CEO John Idol said in a statement was "elevated promotional levels."