Luxury fashion company, Michael Kors have announced that the company will be closing over 100 of its stores, after sales and revenue fell by a significant amount in the fourth quarter of the year. Total sales dropped to $1.06bn, down 11.2% on the same period last year. Michael Kors chairman and chief executive, John Idol, announced that “Fiscal 2017 was a challenging year, as we continued to operate in a difficult retail environment with elevated promotional levels.”