Kiko USA, the U.S. subsidiary of an Italian makeup retailer, filed for Chapter 11 bankruptcy last week with plans to close all but five of its domestic retail locations.
The retailer wants to close 24 of its 29 domestic locations in bankruptcy. This, together with a 25th closure, could reduce annual operating losses by $7.1 million a year, and leave $3.9 million in real estate costs going forward, according to Kiko USA CEO Frank Furlan. He added that the retailer hopes to be completely moved out of those locations by Feb. 28.. . . more