The M.A.C.Cosmetics store on Palmer Square is another casualty of the coronavirus pandemic. The store has closed for good as parent company Estee Lauder tries to offset financial losses from the past year.
Estee Lauder announced in August that up to 15% of its brick-and-mortar stores would close and the company would lay off as many as 2,000 employees to offset losses. The New York-based company reported a 32% decrease in fourth-quarter sales for 2020, citing travel restrictions and other restrictions on retail store operations.
According to Reuters, Estee Lauder’s net quarterly sales for the fourth quarter of 2020 decreased sharply to $2.43 billion compared with $3.59 billion for the same period one year earlier.
Retailer Ann Taylor closed its Palmer Square store last month.