Reitmans-owned Smart Set is set to close over the next 12 to 18 months.

A release from the parent company states that despite improvements in the performance of the Smart Set banner, management found the “optimum strategy” to improve overall results would be to turn the Smart Set banner into other stores, resulting in 76 locations getting a rebrand and another 31 closing for good.

Reitmans also owns RW & Co, Thyme Maternity, Penningtons and Addition Elle. Smart Set locations account for roughly 10% of the Reitmans’ annual sales, or roughly $96 million.

The move follows a failed attempt to rebrand the store, gearing it toward career women.

The closure of Smart Set follows the well-publicized bankruptcy of fellow Canadian clothing brand Jacob, which shuttered its doors this fall, while other low- to mid-priced clothing companies like Le Chateau have struggled against newer competitors like H&M and Joe Fresh.

Image courtesy of Bargainmoose on Flickr Creative Commons.