The number of Glue Stores around Australia will almost halve, following an announcement from the clothing retailer’s parent company.
Accent Group on Thursday announced in a trading update to the Australian Securities Exchange, that 17 Glue Stores considered “under performing” would close.
It said 18 stores, as well as the online shop, “expected to be profitable” will remain open in the 2024-25 financial year.
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Accent Group did not mention which stores would close, when, or how many jobs could be affected in the announcement.
7NEWs.com.au has contacted the company for comment.
Accent Group chief executive Daniel Agostinelli said the company’s earnings before interest and taxes at the end of the 2023-24 financial year will be between $109.0 and $111.0 million.
He said trading conditions in the second half of the 2023-24 financial year improved from the first half of the year, with sales up 1.7 per cent compared with the 2022-23 financial year.
“I am pleased with our retail performance in H2 where the company continued to experience strong momentum in Skechers, The Athlete’s Foot, Hype DC, Stylerunner, Nude Lucy, and Hoka amongst others,” Agostinelli said.
“The decision to exit the 17 underperforming stores will allow the Glue Store management team to focus on a profitable business comprising 18 stores including digital.”
