US leather goods retailer, Wilsons The Leather Experts, has confirmed it is to close up to forty stores in a bid to preserve capital.

But the Brooklyn Park, New York-based company said it also plans to open a further ten to fifteen stores in markets where it sees growth prospects.

Looking beyond 2003, Wilsons said it will analyse the progress of its stores on a market-by-market basis and close unprofitable outlets.

The latest figures show that the firm is struggling. Overall sales in March were down 7.1% to $33.2 million and same-store sales dropped 7.6%.

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