July 18th 2024.
Glue Store, a popular fashion retailer, will be cutting its physical store presence in half as part of a plan to increase profitability in the upcoming fiscal year. This announcement was made by Glue Store's owner, Accent Group, in a recent statement to the Australian Securities Exchange (ASX). The company stated that it will be exiting 17 of its Glue Stores, leaving a total of 18, including its online store.
According to Accent Group, these 17 stores were not performing well and were not meeting the required returns. "We are focused on maintaining a strong retail performance and in the second half of the year, we saw great success with brands like Skechers, The Athlete's Foot, Hype DC, Stylerunner, Nude Lucy, and Hoka, among others," said Daniel Agostinelli, CEO of Accent Group.
As part of their plan to improve profitability, Accent Group has made the decision to close these underperforming stores and focus on their profitable business. "This will allow our Glue Store management team to concentrate their efforts on our 18 remaining stores, both physical and online," added Agostinelli.
The statement did not specify which stores will be closing, the timeline for the closures, or the number of employees that will be affected. 9news.com.au has reached out to Accent Group for further comment on the matter.
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