The number of Movado Group Inc. doors will be reduced 35 percent in the United States to approximately 2,600 by the close of its fiscal year ending January 31, 2009. The closing of these least productive doors represents approximately $10 million of Movado brand sales, or less than 5 percent of the overall brand's revenue and less than 2 percent of Movado's Group's consolidated revenue.

Efraim Grinberg, president and CEO, said, "Managing our brand proactively, we believe there are significant opportunities to harness the power of Movado across all channels of distribution and to build on the aspirational nature of the brand. We developed this comprehensive strategy following a thorough analysis of our brand, our retail customers, and our end-consumers. While we are cognizant of the economic environment in which we currently operate, we continue to take a long-term view of our business. We believe that by taking this decisive action now, it will allow us enhanced opportunities to generate strong sustained growth in the future."

Read Full Story