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RPT: Rent The Runway to close all of its stores

CNBC reports that fashion brand Rent the Runway will close its stores to focus on digital investments.

Video Transcript

JULIE HYMAN: Just a bit of breaking news here, Rent the Runway has announced it's closing all of its stores actually. That's according to CNBC. It is going to keep dropbox locations and add more of those. So it's not shutting the business only the retail locations where people can go to try on its clothing.

At the beginning of the pandemic, Rent the Runway laid off all of its retail employees so that cut its costs considerably. We'll continue to track that developing story.