Managed closure of retail concessions and provided underwritten guarantee on sales recoveries
In December 2010 we were engaged to close 254 Liz Claiborne retail concessions across Spain. Founded in 1976 in the US, Liz Claiborne Inc. was an international designer and distributor of women’s and men’s clothing and accessories. Following rumours of bankruptcy, the company began massive cutbacks, stating that it would exit the outlet business and, by the autumn, exist as an exclusive JC Penny licence. We undertook business operations in the ordinary course on an interim basis in the run up to closing the existing 88 US outlet stores. The concessions, all located within El Corte Ingles department stores, were to be closed within a 10-week period and all inventory sold. We dispatched a team to supervise each concession sale and carefully managed brand sensitivity for the El Corte Ingles host stores. A sales and discount schedule was established and a marketing plan, to complement the sales schedule was implemented. We provided an underwritten and guaranteed result, both operationally and financially, and all 254 concessions for the Liz Claiborne brand were closed, with stock sold to zero, within the specified time period.