Business
‘Derailed’: Katies, Rivers owner to shut 500 stores – Yahoo Finance Australia
“There is no roadmap to navigate these circumstances,” CEO Scott Evans said.
The parent company of iconic Australian brands, Millers, Katies and Rivers, Mosaic Brands, is set to close up to 500 stores, after posting a $46 million loss for the financial year.
The company cited bushfires and nearly 10 weeks of forced store closures due to the coronavirus pandemic as reasons for the losses, and revealed it would not pay a first half dividend to shareholders.
The store closures are set to take place within the next 12 to 24 months.
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