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Michael Kors is closing up to 125 stores

The retailer is looking to make $60M in cost savings.
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Luxury accessories chain Michael Kors has announced it will be closing between 100 and 125 stores over the next two years, meaning its handful of Minnesota locations could be at risk.

After recording $193.8 million losses in the fourth quarter of 2016, the chain said it's looking to make up to $60 million in annual savings by shuttering stores.

The company hasn't identified what stores will close, but it did say it will only impact its "full-price" retail stores.

Therefore at least two of the five Michael Kors in Minnesota are safe, as the stores at Twin Cities Premium Outlets and Albertville are outlet stores, not full-price.

It leaves three in the state that could be at risk, at Ridgedale, Southdale and the Mall of America.

Consumerist notes the company showed signs of trouble last year when it started pulling back its presence in department stores and stopped accepting coupons for department store merchandise.

It said "deep discounts" at department stores caused customers to "think the brand is worth less than it was," which impacted sales revenue and profit margins.

Retailer trouble

Michael Kors is just one of the large retailers dealing with definite or possible store closures, as bricks-and-mortar retail companies struggle with the increasing consumer shift to online shopping. Others include:

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