Fashion retailer Glue is closing half of its stores to focus on its online business and its most profitable outlets.
Glue Store owner Accent Group announced the closure of 17 underperforming stores in a filing to the stock exchange Thursday afternoon.
The specific stores that will close and the number of jobs affected have not yet been disclosed.
Glue Store is known for selling clothing from expensive brands, such as Adidas, Nike, Stussy and Champion.
“The decision to exit the 17 underperforming stores will allow the Glue Store management team to focus on a profitable business comprising 18 stores, including digital stores,” said Accent Group CEO Daniel Agostinelli.
He said the company’s earnings before interest and tax 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, where the company continued to see strong momentum across Skechers, The Athlete’s Foot, Hype DC, Stylerunner, Nude Lucy and Hoka, among others.’
The company will report its full-year fiscal results on August 23.
Glue Store owner Accent Group announced the closure of 17 underperforming stores in an ASX announcement on Thursday afternoon.