Kingaroy fashion stores in major retail group’s firing line
FEARS for several of Kingaroy’s fashion chain stores are high after Mosaic Brands, Australia’s largest specialty retail group, announced the upcoming closure of more than 500 stores nationwide this morning.
Four of Kingaroy Shoppingworld’s favourite fashion labels, Millers, Rockmans, Noni B, and Crossroads, are owned by retail giant.
The tragic news came this morning, as the company released its results for the end of the financial year, ending June 28, revealing a staggering $45.8 million loss. The figures have been attributed to the overlapping bushfire crisis and coronavirus pandemic, which shut down stores for 10 weeks.
Mosaic Brands’ managing director and CEO Scott Evans said the group had reduced its exposure to long lease terms over the past three years, with around 41 per cent of current leases either on holdover or due to expire by December.
He said around 87 per cent of its 1333 stores were due to expire over the next two years.
It is yet to be announced which stores will get the axe.
The news comes as the South Burnett grapples with the likely loss of the Murgon Target, which has been identified as one of the 75 stores scheduled for permanent closure.
South Burnett Regional Council and Cherbourg Aboriginal Shire Council joined forces to save the store, collecting thousands of signitures between an online and written petition. Despite an overwhelming response from the community, Target Managing Director Marina Joanou concluded the Murgon Store is “not suitable for conversion”.