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Philosophy di Alberta Ferretti is shuttering its store on West Broadway ahead of schedule—as in, the brand will be breaking its lease. WWD reports that Aeffe USA, the company that owns the label, will be paid $3 million by mid-January for breaking the lease by Ferrim USA (who's "indirectly owned by Aeffe SpA through relevant shareholders.")
Affe's board says: "The activity carried out within the premises has generated losses, and its continuation in the same store would have also required important costs and significant investments in order to comply with the new brand's layout." Poor sales? Prepping for an overhaul? Perhaps both.
· Philosophy di Alberta Ferretti N.Y. Boutique to Close [WWD]