Glue Stores to close down across Australia
Trendy fashion chain Glue is closing half of its stores to focus on its online business and most profitable outlets.
Glue Store owner Accent Group announced on the stock exchange Thursday afternoon the closure of 17 underperforming stores.
It has not yet been announced which specific stores will close and how many jobs will be affected.
Glue Store is known for its expensive brand clothing, such as Adidas, Nike, Stussy and Champion.
“The decision to sell the 17 underperforming stores allows Glue Store’s management team to focus on a profitable business with 18 stores, including digital stores,” said Daniel Agostinelli, CEO of Accent Group.
He said the company’s profit before interest and taxes at the end of the 2023-24 financial year will be between $109 million and $111 million.
‘I am pleased with our retail performance in the second half of the year. The business saw strong growth with Skechers, The Athlete’s Foot, Hype DC, Stylerunner, Nude Lucy and Hoka among others.’
The company will publish its full annual figures for fiscal year 2024 on August 23.
Glue Store owner Accent Group announced the closure of 17 underperforming stores in an ASX announcement on Thursday afternoon