Tween Brands to shutter 30 to 40 stores

New York City Tween Brands plans to close 30 to 40 stores in 2009 as it converts its Limited Too brand to its lower-priced Justice concept.

The company is in the midst of converting nearly 600 Limited Too stores to its Justice banner.

During the Bank of America/Merrill Lynch consumer conference on Wednesday, company CEO Mike Rayden said the conversion of merchandise is about 98% complete. About 340 of the 560 Limited Too stores have converted their signs as well. Most signs are expected to be changed out by April.

The company said it will close 30 to 40 stores by the end of the year, and closed 15 or 16 locations in 2008 related to the conversion.

"The original list was much higher," Rayden said. "But when we negotiated with the landlords, we ended up having financially viable solutions to some of those locations. and therefore have decided to keep them open."