Michael Kors Closing 100-125 Stores Over Next 2 Years

NEW YORK (CBSNewYork) - Retailer Michael Kors is going to close 100-125 stores over the next two years.

The move is part of a bid to save the company $60 million annually.

There are more than 30 Michael Kors stores in the Tri-State area.

The company did not disclose which stores shall be closing.

"Fiscal 2017 was a challenging year, as we continued to operate in a difficult retail environment with elevated promotional levels," said Chairman and CEO John D. Idol. "In addition, our product and store experience did not sufficiently engage and excite consumers. We acknowledge that we need to take further steps to elevate the level of fashion innovation in our accessories assortments and enhance our store experience in order to deepen consumer desire and demand for our products."