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Kate Spade To Shutter All Saturday And Jack Spade Stores

Kate Spade & Company has announced that it would shut down all Kate Spade Saturday and Jack Spade stores by the summer of 2015. 

Currently, the company operates 28 Kate Spade Saturday and Jack Spade stores worldwide, including Saturday’s 3,000-square-foot location in SoHo, New York City. The SoHo store opened shortly after the success of the digital display store, which was developed in partnership with eBay Inc. 

Moving forward, the Saturday brand will operate as part of the Kate Spade New York brand and product portfolio. Kate Spade Saturday’s 19 store locations will close through the first half of 2015. The e-Commerce site will stay active until the label is incorporated and reintroduced into the Kate Spade New York brand.

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Jack Spade will move forward with a completely new business model, selling primarily through the e-Commerce site and a network of retail distribution partners.

“A key tenet of our roadmap for growth is ensuring that we are disciplined and forward-looking with our investments, putting our resources behind targeted initiatives that will maximize profitability and shareholder value in the near, mid and long term,” said Craig A. Leavitt, CEO of Kate Spade & Company. “By taking these actions, we will be able to accelerate the fulfillment of our lifestyle brand vision, expanding our product categories and reaching customers in all facets of their lives, better positioning us to deliver on Kate Spade New York’s full potential.”

For the 2014 fiscal year, Kate Spade & Company expects to report a 40% year-over-year increase in net sales, reaching up to $1.14 billion. With the new business direction, Leavitt anticipates that Kate Spade & Company will eventually become a $4 billion business. 

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