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Friday, January 11, 2019

What's moving markets today

Calvin Klein is closing its flagship store on Madison Avenue in midtown Manhattan as part of a larger reorganization.

The store will shutter in the spring. The luxury brand said in a release it's "evaluating options for future retail locations." Calvin Klein currently operates more than 2,000 stores worldwide.

The brand also announced executive changes and said it's relaunching its high-end "205W39NYC" line following the recent surprise departure of designer Raf Simons.

Shares of its parent company, PVH Corp., (PVH) rose 6% in premarket trading.

Many other stores that have shuttered or remodeled their swanky New York flagships:

Gap: The company is closing its Fifth Avenue location later this month as part of a plan to rebound from slowing sales.

Lord & Taylor: The luxury retailer just shuttered its Fifth Avenue location and is being converted into a WeWork.

Henri Bendel: The once-famous handbag maker closed its Fifth Avenue store because the 123-year-old brand went out of business.

Versace: The Italian designer is reportedly planning to leave its famous Fifth Avenue townhouse.

Tiffany & Co.: The high-end jeweler's Fifth Avenue store is undergoing a multimillion dollar renovation to lure in younger shoppers.

Nike: The activewear brand moved five blocks south on Fifth Avenue and opened a tech-focused outpost.

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from CNN.com - RSS Channel https://cnn.it/2Hhb3Ue

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