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Swiss fashion chain Tally Weijl will close 200 of its 800 stores internationally and withdraw completely from Bulgaria. In Switzerland, it will close between five and ten of its 81 stores. However, the company says it has secured financing.
The Basel-based retail chain said in a statement on Monday its aim was to strengthen its online presence and retain only those stores that fit into the multi-channel distribution strategy.
Tally Weijl, which employs 635 people in Switzerland and around 40 staff who work with partners, has not commented on possible consequences for employment.
At the international level, in addition to withdrawing from the Bulgarian market, the company will sell its stores in Croatia and Serbia to franchisees.
It indicated that it had secured financing by strengthening its equity capital by CHF27 million ($28.5 million) and by obtaining emergency credit totalling CHF24.7 million.
Tally Weijl, which sells clothing for women and teenage girls, was founded in 1984 by Tally Elfassi-Weijl and Beat Grüring.