Coach Plans to Close 70 Stores in Fiscal 2015

New York-based luxury handbag maker Coach is planning to close about 70 underperforming stores in fiscal 2015 as it tries to make its business more competitive with fast-growing rivals. The retailer also gave a disappointing revenue forecast for fiscal 2015. Coach, which also makes accessories, footwear and other items, is grappling with weakness in its North American handbag and accessories market as consumers increasingly flock to rivals such as Michael Kors Holdings Ltd., which has been quick to churn out trendy designs. But the latest report shows that the slump will continue for a while.