Money & Banking
Bad news for shoppers: 300 Millers, Katies and Rivers stores set to close
The writing is on the wall for some of Australia’s favourite clothing brands, with Speciality Fashion Group set to close 300 Rivers, Katies and Millers outlets.
The retrial giant said a six-year slide in earnings was to blame. The conglomerate currently runs 1,019, but they’re actively looking to reduce that number.
“We continue to pursue cost management initiatives and business simplification by integrating shared service functions into the brands,” Specialty Fashion Group Chairwoman Anne McDonald said at the annual shareholders meeting on Tuesday.
Former CEO Gary Perlstein blamed fierce competition and a reduction in sales for the results, but said online sales were continuing to increase across the brands.
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