Iconic brand to close 250 stores
The retail group that owns Noni B, Katies, Millers and Rivers is closing a further 250 stores by mid-2020, blaming shopping centre landlords for not providing enough rent relief as it struggles with the impact of COVID-19.
Mosaic Brands said in August it had been in talks with landlords to renegotiate leases but still anticipated potentially closing up to 500 stores over the next year or two.
"Consistent with our comments at the 2020 full-year results announcement, since August we have closed 73 stores in response to unrealistic rental requests and a permanent shift towards online purchases," chief executive Scott Evans said on Thursday.
"We're encouraged that a number of landlords have in recent weeks come to the table on rental reductions but not all have and we expect up to a further 250 store closures by June 2021."
Chairman Richard Facioni said the pandemic had forced a large number of the brands' five million plus in-store customers into hibernation over the past eight months.
Originally published as Iconic brand to close 250 stores