Latest news with #Trenery
Daily Mail
5 days ago
- Business
- Daily Mail
Country Road issues a major update to customers after shutting stores
Country Road Group will open 10 new or refurbished stores within months, amid fears the embattled fashion retailer is on the brink of collapse. The iconic brand that has been an Aussie wardrobe staple for more than half a century has shut down several stores in recent months, amid plummeting sales during its worst financial years on record. One of its longstanding flagship stores at Sydney CBD's Queen Victoria Building has shut up shop, as has sister brand Trenery in Mosman, on Sydney's affluent lower north shore. A Country Road outlet in the same suburb is currently closed for renovations, while another CBD store at Pitt Street Mall faces an uncertain future when its lease expires in three years' time. The company has since assured customers that its retail footprint is being expanded in Sydney, Brisbane, Melbourne and Adelaide. 'From time to time, we review our retail store portfolio to ensure we're continuing to meet the needs of our customers,' a spokesperson told Daily Mail Australia. 'We are committed to delivering great experiences throughout our networks and we are investing in our stores, with 10 new or refurbished stores opening by the end of the year.' A new Country Road flagship store will open in Brisbane's Queen Street Mall next month, followed by the reopening of the 'beautifully renovated' Mosman outlet in September. Elsewhere on Sydney's north shore, new Country Road, Trenery and Witchery stores will open at Chatswood Chase in October as part of the centre's redevelopment. In Melbourne, Country Road Eastland will relocate to a larger location next month while new Trenery, Mimco and Politix stores will open in the CBD at 260 Collins St in November. In Adelaide, an expanded and refurbished Country Road Burnside store will open in October. No other reason was given for the recent closures at Sydney's QVB and Mosman, which lasted just three years. The future of Country Road Pitt Street Mall beyond August 2028 remains unclear. 'If a change is required due to the end of lease, our aim will be to find a suitable new location,' the spokesperson added. The closures and openings cap off a turbulent year for the Woolworths Holdings-owned retailer, which also includes fashion brands Mimco, Witchery, and POLITIX. Sales across the brands plummeted by 6.2 per cent in the first half of the 2024–25 financial year, citing economic and operational headwinds. The news comes just weeks after Country Road Group chief executive Raju Vuppalapati announced his resignation, amid a lingering scandal over complaints handling by executives. Mr Vuppalapati will depart at the end of August to pursue 'personal interests' after four years in the top job, news that reportedly sparked relief from some staff. Last October, he warned that the group was facing a 'perfect storm' of challenges after recording its worst financial year on record. The downturn followed an external investigation launched in May 2023 after complaints were made against former chief supply chain officer Rachid Maliki. A number of employees threatened to leave the company in protest. Country Road was founded in 1974 as a niche women's shirting business that has grown into Australia's first lifestyle brand, renowned for its high-quality apparel, accessories, and homeware. The retailer was also one of the first major Australian brands to open in the US. Woolworth Holdings Limited (South Africa) (WHL) secured a controlling interest in Country Road in 1998. Country Road Group has vowed to buck the trend following the collapse of dozens of other fashion retailers in recent months. Hundreds of Rivers, Katies, Noni B and Millers stores have closed across Australia in recent months after parent company Mosaic Brands made major cuts to 'consolidate' its business. Thousands of retail jobs were slashed in the process.
Time Out
5 days ago
- Business
- Time Out
Which Country Road stores are closing in Australia? Full list of stores shutting for good
It's been a tough year for Australia's retail industry. In 2025, a bunch of household names have shut up physical stores across the country, from Rivers and Millers to Ally Fashion, Jeanswest and SurfStitch. Now, Country Road has joined the list. Founded in 1974, this beloved Aussie lifestyle brand is known for its stylish, smart-casual clothing and accessories, along with its sleek homewares sold under its sister brand Trenery. Country Road currently has 653 stores across Australia, New Zealand and South Africa. But after a significant slump in sales, the lifestyle brand is preparing to close its first batch of stores, including a longstanding flagship store in Sydney's CBD. Why is Country Road shutting stores? Sales across the Country Road portfolio declined by 6.2 per cent in the first half of the 2024-25 financial year, followed by a further 8 per cent drop in the 26 weeks to December 29. Meanwhile, operating profits also took a major hit, plummeting by a major 71.7 per cent to just $14.2 million. Which Country Road stores are closing? For now, Sydney is the only city impacted by the store closures. In an attempt to minimise costs, Country Road will close down one of its longstanding flagship stores inside the Queen Victoria Building in the CBD. Additionally, its Pitt Street Mall store is set to close in 2028 when the lease runs out. Finally, Country Road's sister brand Trenery closed its Mosman store on Sydney's Lower North Shore last month. That's not to say it's the end for Country Road. The popular Aussie brand actually plans to reopen its Mosman Country Road store in September after renovations, and it's on track to open a new flagship store on Brisbane's Queen Street in August and three new stores at Chatswood Chase in Sydney this October. 🧀
Sky News AU
6 days ago
- Business
- Sky News AU
Country Road to close QVB store in Sydney
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted 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 to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.' Originally published as Fashion retailer to close flagship stores, citing sales pressure
Perth Now
6 days ago
- Business
- Perth Now
Iconic fashion retailer shuts Aussie stores in major city
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted 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 to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road will close three of its Sydney stores. NewsWire / Andrew Henshaw Credit: News Corp Australia Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. Country Road is just one of many retailers struggling with cost-of-living pressures. NewsWire / Andrew Henshaw Credit: News Corp Australia CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.'
Yahoo
6 days ago
- Business
- Yahoo
Iconic retailer shuts flagship stores
Iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted 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 to December 29 as operating profits dropped 71.7 per cent to just $14.2m. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. Country Road's recent falls are in line with the collapse of dozens of retailers. Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024. In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m. Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job. CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line. CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses. CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure. 'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said. 'Post-Covid, we've seen inflation hit 30-year highs. 'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.' Error in retrieving data Sign in to access your portfolio Error in retrieving data
