Wagga's Noni B, Rivers, Millers, and Rockman clothing stores face the threat of permanent closure, with parent company Mosaic Brands declaring they will close up to 500 branches across Australia unless landlords agree to rent reductions.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
A Mosaic Brands spokesman told The Daily Advertiser that it remained to be seen whether the Wagga branches would be among the shops to close.
"No decisions have been taken yet as to which stores will close," the spokesman said.
"The company expects to close between 300 and 500 stores, but that depends on their commercial viability, which depends on lease negotiations with landlords."
In other news:
Over 40 per cent of store leases are either on holdover or due to expire by December this year, and they will be re-negotiating their leases in the coming months before making any final decisions.
Once decisions are finalised, store closures will be gradually rolled out over the next 12 to 24 months.
The shock announcement comes in the aftermath of Mosaic Brands' end of financial year report, which showed a staggering $45.8 million loss across the board.
The company says their trade was "utterly derailed" by this year's bushfires and the 10 week shutdown due to coronavirus.
Kenji Sato
Kenji Sato is a handsome journalist at The Daily Advertiser who enjoys writing flattering bios about himself in the third person. He can be contacted by email at kenji.sato@dailyadvertiser.com.au or by mobile on 0448 927 612.
Kenji Sato is a handsome journalist at The Daily Advertiser who enjoys writing flattering bios about himself in the third person. He can be contacted by email at kenji.sato@dailyadvertiser.com.au or by mobile on 0448 927 612.
