Joe Fresh Closing Two NYC Stores
According to a report in Crain’s New York Business, Canadian retailer Joe Fresh will close two of its five stores in New York City.
The two stores, at 110 Fifth Avenue and 510 Fifth Avenue, have been put up for lease by the chain’s parent company, Loblaw Cos. Ltd.
This has been a tough year for Joe Fresh. About a week ago, the company revealed that it will not renew its deal with JCPenney when it expires in January 2016, a shop-in-shop agreement that had recently been cut back from its initial 700 doors in 2013 to 200.
Founder Joe Mimram announced that he was leaving the company in March.
Joe Fresh entered the U.S. market in 2012 with five stores. It operates 14 stores in Canada, nine in South Korea and four in Saudi Arabia and one each in the United Arab Emirates and Egypt. It was founded by Club Monaco founder Joe Mimram in 2006.