Bulgari Closing Several U.S. Stores



Bulgari SpA is closing several U.S. stores and relocating in an effort to shore up lagging growth, according to WWD.com.

The Italian jeweler closed stores in Palm Beach and Aspen, as well as its New York Madison Avenue store.

The company plans to open stores in San Francisco, Las Vegas and Dallas this year.

Bulgari reported in March an earnings loss of 45% for 2008 and that it planned to cut jobs, reduce inventory and some collections, and close some of its stores.

According to the WWD report, the company reported a net loss of $53.8 million in the first half of the year, citing poor sales in the U.S. and a slowdown in demand for fine watches and jewelry in the U.S.