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It looks like the days of Juicy Couture on Fifth Avenue are truly numbered now. WWD reports today that parent company Kate Spade & Co. has officially surrendered the lease in exchange for a total payout of $53.5 million.
Juicy, which was sold off by the former Fifth & Pacific Cos. Inc. so it could focus on other brands, was previously rumored to be a Kate Spade store. But news of the company exiting the 17,000 square-foot space came shortly after.
And according to a Kate Spade & Co. press release from that day, "the store will close" once the lease transaction is complete. Last time we passed by the store, there were huge banners in the window advertising 60% off merchandise.
It's safe to bet that the space won't be empty for long, as that particular stretch of Fifth Avenue is a hot commodity these days—H&M is opening its largest store at 589 Fifth Avenue, while the country's largest Topshop will set up at 608 Fifth Avenue.
· Kate Spade Terminates Juicy Flagship Lease [WWD]
· Juicy Couture Exits Fifth Avenue Flagship For $51 Million [Racked NY]
· Juicy Couture Stores Will Be Converted Into Kate Spades [Racked]