BUSINESS BRIEFING / RETAIL
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Luxury jeweler Tiffany & Co. said it would close its unprofitable Iridesse pearl jewelry chain, partly because the recession had stifled demand.
Tiffany spokesman Mark Aaron said Iridesse hadn’t been profitable since it opened in 2004 and generated less than 1% of Tiffany’s annual total revenue. “The economy was the last straw,” he said.
Aaron said Iridesse stores would start closing after Tiffany reached termination agreements with its landlords and sold off inventory. There are 16 Iridesse stores nationwide, including two in Southern California.
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