Marcs, David Lawrence to close 13 stores
After Herringbone and Rhodes revealed the closure of 7 stores on Monday, two more high-end Australian fashion retailers, Marcs and David Lawrence, announced the closure of multiple stores this week.
Marcs and David Lawrence will close 13 stores and slash 20 staff, with another 50 employees facing an uncertain future. Four David Lawrence stores and one Marcs outlet in Victoria will shut by next week, along with one David Lawrence boutique and one Marcs shop in Sydney.
Marcs and David Lawrence, owned by M. Webster Holdings and Webster Asset, appointed administrator firm Rodgers Reidy to deal with proceedings.
“Together with senior management, we have reviewed the stand alone portfolio and have identified a number of stores to close,” said director Geoff Reidy, Rodgers Reidy.
“We continue to try to find areas for cost and revenue improvement while maintaining the core business and people as we pursue a sale of the business.”
Marcs and David Lawrence employs more than 1100 workers through its network of 39 stand-alone stores and 140 concessions in David Jones and Myer.
It's been a turbulent time for Australian retailers. Four other fashion and accessories chains -- Pumpkin Patch, Payless Shoes, Rhodes & Beckett and Herringbone -- have filed for administration in recent months. It follows the influx of hotly-anticipated fast-fashion international brands, namely Zara and H&M, into the Australian market in the past 24 months.
Adding to the retailer woes downunder, analysts said Australian consumer sentiment was flat in January, with shoppers hesitant to spend outside of big ticket items. However, February recorded a slight rebound, with confidence up 2.3%.
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