PreVu, Inc., formerly known as Wilsons The Leather Experts Inc., is to close down, according to a company statement.

Having struggled with declining sales for several years, the company was hit hard by the spending slowdown. It sold its name, the 116 existing retail outlets and retail website to a GIII Apparel subsidiary in July for $22.3 million. But a filing with released yesterday said that it had been unable to secure the finances needed to turn existing store into accessories boutiques. It is expecting to have fully liquidated its assets before November.

Wilsons started out in 1899 as a family-owned leather, fur and wool business in Minneapolis.

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