300 landlords to lose Specialty Fashion tenancies
Staff reporterDecember 7, 2020
Specialty Fashion Group, the owner of Katies, Rivers and City Chic, plans to close 300 of its 1000 stores.
Specialty Fashion shares sit 80% down on their value five years ago, falling to 19.5 cents this week - an eight-year low.
The clothing retailer indicated its plans where to quickly close 100 stores this year.
It signalled 300 stores on "hold over" leases will close by 2020, while accelerating its investment in e-commerce.
Outgoing chief executive Gary Perlstein said 159 of the 300 stores set to close were losing money.
This was about 30% more than in past years.
Most of the loss-making stores are under its Crossroads and Autograph stores.
