US: Ann Taylor expands factory outlet chain
US women's wear chain Ann Taylor has announced plans to expand its network of factory outlet stores.
Next year the company plans to open approximately 35 Loft Outlet Stores and five Ann Taylor Factory Stores, it said.
To accelerate the expansion Ann Taylor is leasing premium store locations formerly occupied by Liz Claiborne.
Kay Krill, Ann Taylor's president and CEO, said: "As we have previously noted, we had identified our highly productive factory outlet channel as an area for future growth, particularly for our Loft brand. This extraordinary opportunity to open premium store locations significantly and efficiently accelerates our planned expansion and represents meaningful growth for our very successful Loft Outlet business. Finally, we are delighted that this opportunity is expected to result in the creation of approximately 1,000 new jobs across the country."
The company plans to open the new stores during the second quarter of fiscal 2011, and expects them to generate fiscal 2011 revenue of approximately $75m, with capital expenditures expected to be approximately $25m. There are no direct costs associated with the transfer of the locations from Liz Claiborne to Ann Taylor Stores Corporation, a company statement added.
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