PVH Corp. announced that it will close its Izod retail division, with the closing expected to be completed by the end of fiscal 2015. The closure of the retail business is not expected to impact the Company's growing Izod wholesale business.

The Izod retail division currently operates approximately 120 stores. Approximately 20 stores will be converted to store formats under Calvin Klein and Tommy Hilfiger nameplates, with the remaining stores to be closed. The company expects to record pre-tax charges in connection with the closure of approximately $40 million, half of which is expected to be non-cash.

The charges relate principally to asset impairments, severance, inventory markdowns and lease exit costs.