A number of fashion chains plan to close dozens of stores following a disappointing holiday selling season and growing pressure from new and expanding rivals.
Holt Renfrew & Co. Ltd. will close its off-price discount chain called hr2 in mid-2017, the company said. It has two of those stores, which industry observers said were designed to take on Saks Off 5th, the discount arm of luxury chain Saks Fifth Avenue, as well as upscale Nordstrom Inc.’s Rack – the first of which are to launch in Canada next year – and Winners, owned by TJX Cos.
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