TORONTO — Roots Corp. is permanently closing seven of its U.S. stores and says it will focus predominately on e-commerce in the U.S.
It says it is closing its stores in Boston, Washington and Chicago, as well as its pop-up location in Woodbury Common, N.Y.
Roots says it believes online sales in the near term is the best approach to U.S. market, but it will keep its two long-standing stores in Michigan and Utah, where they have well-established customer bases.
The announcement came as the retailer posted a loss of $44.6 million or $1.06 per share for the quarter ended Feb. 1 compared with a profit of $18.3 million or 43 cents per share in the same quarter a year earlier.
Sales totalled $127.5 million, down from $130.8 million in the same quarter a year ago.
On an adjusted basis, Roots says it earned $13.3 million or 31 cents per share, compared with $22.3 million or 53 per share a year earlier.
This report by The Canadian Press was first published April 29, 2020.
Companies in this story: (TSX:ROOT)
The Canadian Press