Major Aussie retailer forced to close stores in Sydney following plummeting sales
The popular chain will close down a key store in Queen Victoria Building in Sydney's CBD as its owner Woolworths Holdings Limited looks to minimise costs.
Sales dropped by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks into December 29.
Operating profits plummeted 71.7 per cent to just $14.2m.
Country Road's Pitt Street Mall store will also close in 2028 when the lease expires.
Sister brand Trenery will close down its store in Mosman on Sydney's Lower North Shore.
Country Road began in 1974 as a niche women's shirting business. It grew into Australia's first lifestyle brand renowned for stylish, high-quality apparel, accessories and homeware.
The brand was bought by Woolworths in 2014.
Country Road has 653 stores across Australia, New Zealand and South Africa.
The closures come amid the collapse of multiple retailers across the country.
Mosaic Brands went into voluntary administration on October 28, with KPMG Australia appointed as the company's receivers.
All 80 Katies stores, owned by Mosaic Brands, will be shut down following the major decision, with 80 other stores from their other brands Millers, Rivers and Noni B also to close their doors.
About 480 employees lost their jobs, with closures occurring in mid-January this year.
"The decision was made following a review of the performance of Katies as a brand and the wider store network,' KPMG said in a statement.
"The stores identified to close have been loss-making, resulting in the decision to close them in January.
'The receivers and managers would like to thank all employees, particularly those whose tenure is coming to an end, for their commitment and support through the receivership process.'
Prior to the store closures, Mosaic already announced the closure of Rockmans, Autograph, Crossroads, W.Lane and BeMe brands, shutting down 231 stores as it tried to stay afloat.
The company had about 700 stores nationwide before calling in administrators.
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