The Radio Rentals stores across Queensland have been closed permanently. Picture: Leonie Padam
The Radio Rentals stores across Queensland have been closed permanently. Picture: Leonie Padam

Major electronics company closes Mackay store

A MACKAY electronics store was one of 18 Queensland shops forced to permanently close its doors after the parent company announced it was switching to an online-only model.

Radio Rentals announced on its website that all stores across nine Queensland regions would be "closed until further notice due to Covid-19".

Radio Rentals' parent company Thorn Group told the stock market yesterday the company would close all its stores and warehouses and instead expand its online presence.

"I am disappointed that we have been forced to make hard decisions regarding our staff and store network, however that have had to be made to ensure Thorn Group continues to operate and thrive in the future," chief executive Peter Lirantzis said.

Radio Rentals’ parent company Thorn Group told the stock market yesterday the company would close all its stores and warehouses and instead expand its online presence. Photo: Brenton Edwards
Radio Rentals’ parent company Thorn Group told the stock market yesterday the company would close all its stores and warehouses and instead expand its online presence. Photo: Brenton Edwards

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Mr Lirantzis said the group had about $40 million cash in the bank and was pursuing a range of cost-cutting measures to increase cash flow over the next year.

About 300 casual and full-time staff across the company will be made redundant.

It is unknown how many Mackay workers will lose their jobs due to the announcement.

Radio Rentals Mackay was contacted, but declined to comment.


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