Groupe Dynamite Inc. says it expects to close about 10 stores that are mostly in Canada this fiscal year, even as it plans to open up to 20 more in the U.S. over the same time frame.

The Montreal-based clothing retailer also said Tuesday that between 10 and 15 of its Dynamite and Garage stores will be relocated or renovated this year.

The company did not immediately respond to questions about how many jobs may be lost as a result of the changes.

CEO Andrew Lutfy positioned the moves as his company…