The pandemic hit Guess hard; Bloomberg notes the brand put all its store workers and half its corporate staff on furlough; some salaries were cut by 70 percent. The retailer also stopped paying rent in April and is now attempting to renegotiate its leases. The company's Chief Financial Officer, Katie Anderson, says negotiations with their landlords are ongoing, and they're optimistic about their moves to cut rental costs.
Since many of Guess' leases are set to expire over the next three years, it's likely that these simply won't be renewed, since Alberini says the store closures will happen at about the same time. What's more, Hypebeast added that nearly 70 percent of Guess' leases will be ending within the next three years, so it could well be that we see even more stores close during the same time period.
Guess has had some very high profile partnerships and collaborations with models and actresses from Claudia Schiffer and Anna Nicole Smith back in the '90s, to Drew Barrymore, Priyanka Chopra, Camila Cabello, and Ireland Baldwin more recently (via Fashion Gone Rogue).
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