Retailer to close up to 50 stores
Premier Retail plans to close 50 stores in Australia and New Zealand.
Premier Retail , owned by ASX-listed Premier Investments, plans to close 50 stores in Australia and New Zealand after a strategic review by new chief executive Mark McInnes.
The company said the store closures and other changes would incur one-off charges costing between $A14 million and $A16 million in the 2011 financial year.
However, it didn't say which stores would be closed or how many jobs would be lost as a result.
The company owns retail brands Just Jeans, JayJays, Jacqui-E, Portmans, Dotti, Peter Alexander and Smiggle.
Despite the closures Premier Retail plans to add 15-30 new Peter Alexander stores in Australia over the next three years, and 30-50 new Smiggle stores in Australia and New Zealand over that period.
Premier Retail expects its full year EBIT (before one-offs) to be in the range of $A64 million to $A66 million, increasing to between $A80 million and $A95 million next year.
NBR staff
Mon, 25 Jul 2011
Mon, 25 Jul 2011
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Retailer to close up to 50 stores
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