The announcement was contained in the New York-based company’s statement for the third quarter published yesterday, in which it posted a net loss of $17 million, or 84 cents per diluted share. Total sales were down 5.9% to $132.6 million, with an 8.9% decline being seen in the travel store business. Sales by the company’s non-travel Wilsons Leather stores were down 6.8%.

CEO Joel Waller said the company's focus "belongs squarely on the core Wilsons Leather business", adding that the closure of the chain would result in an after-tax charge of between $28 million to $32 million, or a $1.37 to $1.56 loss per share.

Located in 28 states and Puerto Rico, the travel stores are operated as subsidiaries under the El Portal, Bentley's Luggage and California Luggage Outlet names.