As Michael Kors sales continue to heavily decline, the luxury retailer has announced the planned closure of 100-125 stores. After experience a huge drop in sales over the past few years, things seem to be going from bad to worse for the brand this year, reporting a loss of $26.8 million in the quarter compared with net income of $177 million a year earlier. The total sales fell 11.2% in the most recent quarter and same-store sales fell by 14.1%. Michael Kors CEO John Idol said in a statement "Our product and store experience did not sufficiently engage and excite consumers. We acknowledge that we need to take further steps to elevate the level of fashion innovation in our accessories assortments and enhance our store experience in order to deepen consumer desire and demand for our products."