Holt Renfrew is closing its discount store hr2

A major high-priced Toronto retailer announced it's closing its discount arm later this year.

Holt Renfrew will shut down its two hr2 off-price stores in mid-2017, as Retail Insider reports. Along with its original location in Montreal, the 28,100 square-foot Vaughan Mills store will bid the GTA farewell.

These discount stores were a great place to find items we could never think about buying at full price and were originally expected to expand nationally.

The hr2 at Vaughan Mills took over from the existing Holt Renfrew Last Call store in 2013.

According to an interview with Women's Wear Daily, Holt's president Mario Grauso said the company would be closing hr2 to focus on "core luxury brands" with eight stores across the country including the Holt Renfrew Man store on Bloor Street.

There's no word yet on an exact closing date or liquidation sale pricing.

Last year, Saks starting opening Saks Off 5th discount stores across Canada, including at Vaughan Mills. Nordstrom's off-price brand Nordstrom Rack is slated to open in Toronto next year.