Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Juicy Couture's parent company, Fifth & Pacific Co., is in the process of dumping the brand and has cashed in on its lease at 650 Fifth Avenue in exchange for a cool $51 million. The transaction—an early termination of the lease, sold to the landlord—is expected to be completed in the first half of 2014, at which point the store will close.
"We said on our third quarter earnings call that there was significant value in the 650 Fifth Avenue lease," said the company's CEO in a statement. "Proceeds from such a transaction could materially improve the total net proceeds resulting from our decision to exit the Juicy Couture business." It was earlier rumored that Fifth & Pacific Co. would convert the flagship for one of its other brands, Kate Spade being the front runner.
· Fifth & Pacific Companies, Inc. press releases [Official Site]
· Juicy Couture Stores Will Be Converted Into Kate Spades [Racked]