In early July, Wilsons the Leather Experts sold the Wilsons name, 116 outlet stores and its online retail assets to G-III Apparel Group Ltd. of New York for $22.3 million in cash. Just over a month later, the firm is officially throwing in the towel. It says it has been unable to line up financing that will enable it to continue to operate. G-III will continue to operate the outlet locations. But all of Wilsons mall stores will close.
Employees around the country heard the news in a conference call Thursday morning, said a store manager who didn't want to be identified talking about corporate matters.
Company officials did not return phone calls seeking comment.
Most stores closed their doors immediately following the conference call, but the airport locations may stay open longer, according to the manager. All the merchandise will be sent to a liquidator.
The company said in filings with the Securities and Exchange Commission that it expects to complete the liquidation process by the end of October.