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“They’re looking at their business and saying, ‘I don’t need that store’”

On Tuesday, the US subsidiary of French beauty giant L’Occitane International filed for Chapter 11 bankruptcy following repeated attempts to engage with its landlords to address “unmanageable store lease terms”.  The retailer plans to close 23 unprofitable stores to rightsize its US store network for the future. It currently has 166 stores in that market. This is a course correction from the days when retail growth meant “putting a shop on every corner”, according to Sydney-based