La Senza Corporation: Shutdown of Five Stores in America

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USA : Major lingerie maker La Senza Corporation to shut five stores in America February 23, 2005

Major lingerie maker, La Senza Corporation, announced today its intention to close the five stores it has been operating in Northeastern United States for the past eighteen months, thus ending its current test of the U.S. lingerie market.

Mr. Laurence Lewin, President of La Senza Inc., stated, “Although these test units were reasonably successful, the sales volumes generated in the test period did not reach an appropriate level to encourage us to invest additional capital to ‘roll out’ the chain within the U.S.”

"It is obvious that our continued and profitable expansion of La Senza Lingerie and La Senza Girl in Canada, together with the ever accelerating development of corporate licensed stores in other Countries, suggests that we must apply our resources and talent to these profitable strategies, while concurrently stopping the losses that emanate from our U.S. operations."

The details and timing of these closures are still to be finalized, but La Senza will ensure that all arrangements are made in an orderly well-managed way, to ensure a minimum disruption to all parties involved.

La Senza Corporation, headquartered in Montreal, is a specialty retailer with 298 corporate owned stores as at February 22, 2005, offering fashionable lingerie and sleepwear sold in its 216 “La Senza” and “Silk & Satin” stores, and fashionable apparel for girls sold in its 77 “La Senza Girl” stores.

Stores are located in every province in Canada and 5 La Senza stores located in United States. In addition, 231 independently owned “La Senza” and “La Senza Girl” stores are operating in 20 other countries under license.

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