The Canadian Press</span>
Published Wednesday, August 29, 2018 9:21AM EDT
Last Updated Wednesday, August 29, 2018 9:40AM EDT
DSW Inc. says it will shutter its Town Shoes Ltd. brand and close all of its stores.
The Ohio-based shoe retailer says increasing competition in the footwear market and "significant" operating losses are to blame.
The company plans to close the 38 Town Shoes stores it operates in Canada by the end of its financial year in January.
About 400 workers employed by Town Shoes are expected to be affected by the closures, but DSW says it is hoping to find the workers alternative employment at its Shoe Company, Shoe Warehouse and DSW brands.
DSW purchased a 49.2 per cent interest in Town Shoes from Alberta Investment Management Corp. and other minority shareholders in May 2014 for $75.5 million and picked up the remaining stake in the company in May 2018 for $44.7 million.
Town Shoes was first created in Toronto in 1952 by entrepreneur Leonard Simpson.
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