Housewares Business-to-business magazine for housewares retailers and their suppliers
Oneida is to close its remaining 20 North American outlet stores, none of which is profitable.
Stock clearance sales at the stores start this week.
Later in the year two of the stores will reopen as clearance centres carrying only carry discontinued or obsolete products.
“Despite the numerous steps we’ve taken to streamline and improve the operations of the outlet stores, today’s difficult retail environment leaves us no choice but to exit this business as it continues to be dilutive to our company’s free cash flow and earnings,” commented Oneida president and CEO James Joseph.
He added that funds would be redeployed to “lower risk/higher return business opportunities”, including the company’s internet fulfillment business and worldwide licensing opportunities.
Oneida has 11 factory outlet stores in the UK and one in Eire.
