Owners of women’s clothing stores Noni B, Rivers and Katies close 288 stores in retail bloodbath caused by the pandemic – a day after stationery brand kikki.K collapsed in Australia
Aussie fashion retailer Mosaic Brands has revealed it has closed 288 stores since the pandemic began, only a day after much-loved stationery brand kikki.K collapsed.
The company, which owns brands such as Rivers, Katies and Noni B, revealed in its annual report it had shut-down a staggering 165 stores since February this year.
‘The group continued to engage with landlords in reshaping our retail store rentals to the realities brought on by the pandemic,’ the document, lodged with the ASX, read.
Aussie fashion retailer Mosaic Brands, which owns stores such as Rivers, Katies (pictured) and Noni B, revealed in its annual report it had shut-down a staggering 165 stores since February
‘Accordingly, the group closed 242 shops throughout the period (the 2020-21 financial year) where economical rentals could not be achieved.’
A market update revealed the number of store closures the company recorded jumped significantly from 123 in February to 212 in May, news.com.au reported.
The report blamed the mass shut-down on stubborn landlords who had ‘pre-pandemic expectations’ and refused to lower the rent.
More to come.