From Demos Parneros:
So as leases roll, you're exactly right. It’s about 120 plus or minus a little bit per year. Our real estate team and our stores team is squarely focused on making the best decisions for the long term and really taking a hard look at the performance and productivity of each of the stores. If the store is our underperformer, we won't hesitate closing it. Our goal, as we stated at the last meeting, is to be net positive in stores starting next year. So our preference is to relocate or downsize if that's possible and then give customers a brand new store that’s exciting and different and reflects our newest thinking.
I think I've got the question, but with respect to the leases, our approach with the leases is to be much more ahead of the game. So if a lease is due in a year or two from now, we're starting to think about that, but we've actually started to think about that already. So our team basically is taking a three year look at this and so we're looking at the next 120 times three years. So that's about 350 stores in play that we're looking at right now. We look at them both individually one by one on their own merits and also the impact they have on the portfolio within the market they live in and we’ll make the best decision for the company.
That’s 350 stores from the mouth of the CEO- look for them to start closing close to 100 stores as soon as Fiacal 2019 starts, if not sooner.
MOVE ON. The severance isn’t worth it.