Home / Knowledge / News / Apparel/Garments / Premier Retail likely to shut 50 non-viable outlets
Premier Retail likely to shut 50 non-viable outlets
27
Jul '11
About 50 non-viable outlets of Premier Retail Group in Australia and New Zealand may be required to shut down if they fail to turn profitable, as they are approaching renewal of their leases.

Retail brands like JayJays, Dotti, Just Jeans, Peter Alexander, Jacqui-E and Smiggle are all owned by the company.

Based on a strategic review conducted by the company's newly appointed CEO Mark McInnes, Premier Retail declared at the Australian Securities Exchange that it will close around 50 non-viable outlets in Australia and New Zealand on the expiry of their lease.

While the firm has not disclosed the details regarding which particular outlets or brands are being considered for likely closure, it said that the closure would not take place all of a sudden.

The stores are spread over different locations. Hence, at some places, the lease might be extended after renegotiating it for lower costs, while at other places the stores would have to be shut down, the company said.

According to the review, in spite of the fact that the New Zealand and Australian retail sector is passing through difficult times, the Group still has the potential to regain its growth potential over time.

The six point 'EBIT improvement plan' for the Group incorporates revival of its five core apparel labels and a group-wide 100-point cost-efficiency programme.

As per the company's estimates, its earnings before interest and tax for the current year is likely to come to around US$ 64-66 million, and would probably rise to US$ 80-95 million next year.

Fibre2fashion News Desk - India


Must ReadView All

15 trade associations urge nations to safeguard WTO system

Apparel/Garments | On 15th Dec 2017

15 trade associations urge nations to safeguard WTO system

Fifteen trade and industry associations from across the world have...

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Apparel/Garments | On 15th Dec 2017

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Strategic location, modern factory facilities and proximity to the...

American Merchant to invest $19.9 mn to start Bristol plant

Textiles | On 15th Dec 2017

American Merchant to invest $19.9 mn to start Bristol plant

American Merchant, Inc., a subsidiary of Merchant House International ...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search