SPAIN: Cortefiel to shutter Milano stores
Spanish apparel retailer Cortefiel is to close its 11 Milano men's formal wear shops, turning them over to its other retail brands after a decline in demand.
Cortefiel, whose retail brands include the eponymous Cortefiel, Pedro del Hierro and Springfield, said formal wear had suffered "a notable fall in demand", compared to newer fashion areas such as smart casual - which the company was developing.
Milano will continue to operate during the summer, but its 11 outlets will then be converted to Cortefiel's other retail brands.
The retailer, which was established in 1984, contributed only 2% of Cortefiel's overall turnover.
The company as a whole has a total of more than 1,500 shops in 56 countries.
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