Naturalizer is set to close approximately 133 stores across Canada and the United States as its parent company shifts towards a digital sales strategy.
Calares Inc., the owner of a number of brands including Naturalizer, Sam Edelman, Vionic, Dr. Scholls and Famous Footwear, announced the move after posting their third-quarter sales results on November 19. For the nine months ending on October 1, Calares reported US $1.55 billion in revenue, which is a drop from US$2.22 billion reported the previous year.
While a number of physical Naturalizer stores will be closed, the brand is expected to maintain its online presence. "With a larger percentage of Naturalizer's sales originating online, now is the opportune time to shed the legacy stores and evolve it to be more profitable. We are confident this step will better align the brand with the Naturalizer consumer of the future and position the brand for growth and further success," said Diane Sullivan, Chairman, president and CEO of Celares.
The impacted Naturalizer stores are expected to close by early 2021.