The futures of six clothing retailers – which have almost 20 Illawarra outlets between them – remain uncertain after their parent company announced plans to close hundreds of stores across the country.
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Millers, Katies, Autograph, Crossroads, City Chic and Rivers are all operated by struggling retail group Specialty Fashion, which this week announced it would close hundreds of under-performing stores in an attempt to revive the company's fortunes, following a massive shareholder revolt.
The company has flagged the closure of about 300 stores over the next three years, with100 of them to shut within the next 13 months.
Read more: M1, Picton Road to close on Sunday
It is unclear at this stage whether any of the retailers’ Illawarra franchises would close.
A Specialty Fashion spokesman said the company was analysing the stores and would review the Christmas trading performance at each location.
“The actual store closure program has not been resolved yet,” the spokesman told the Mercury.
“Any affected stores, employees and the community will be given good due notice.”
Across the Illawarra, Shoalhaven and Southern Highlands, there are nine Millers stores, three Katies stores, three Rivers outlets, two City Chic stores, two Autograph stores and three Crossroads outlets.
The shareholder revolt came after 51 per cent of shareholders voted against the group's remuneration report at its annual meeting.
The protest vote comes after Specialty Fashion ran at an after-tax loss of $8.8 million last year, a $2.1 million loss in 2016 and a $4.4 million loss in 2015.
Specialty also issued a profit warning last month, citing difficult market conditions in the first quarter that would see underlying earnings in the first half fall from $30 million last year to between $14 million and $17 million.
On Tuesday the group said it would close about 300 under-performing stores over the next three years, to bring it to a footprint of about 700 outlets.
SPECIALTY FASHION STORES
Millers
- Figtree
- Corrimal
- Warrawong
- Albion Park
- Bowral
- Dapto
- Warilla
- Shellharbour
- Nowra
Rivers
- Wollongong
- Nowra
- Bowral
Katies
- Wollongong
- Figtree
- Shellharbour
- Nowra
City Chic
- Wollongong
- Shellharbour
Crossroads
- Corrimal
- Dapto
- Warilla