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Estee Lauder closing stores

New York – In an effort to drive growth and increase profits, locally based Estee Lauder Co. will close 86 of its 170 Tommy Hilfiger fragrance shops in the United States. The cosmetics and beauty-product maker also plans to retool its computer systems within its supply chain.

As a result of these moves, the company will take a pre-tax charge of $60 million in the fourth quarter. The total restructuring charge includes a $19 million provision for costs associated with the company’s recently announced reconfiguration of its global brand structure.

TAGS: Retail
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