Watchmaker Movado Group, Inc. announced Thursday that it will close all of its retail boutiques, with the exception of its flagship store in Manhattan’s Rockefeller Center, as of June 30.
The company said the move will result in the loss of 225 jobs. The boutiques “have never been profitable,” said Rick Cote, President and Chief Operating Officer, in a 10 a.m conference call with investors. The boutiques were costing the company $10 million a year, and losses from the division for 2011 are estimated at $7 million, he said.
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