Glue Store to close in shake-up by retail giant
The Glue Store fashion chain is closing as owner Accent Group pivots to concentrate on international brands.
In an ASX announcement, the retail conglomerate said all 16 Glue Stores will be shut or sold off by the end of the financial year after the chain posted a first-half $8.4 million loss.
The statement did not give details about how many jobs would be impacted.
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Retail giant Accent Group is closing all its Glue Stores. Supplied Nine
Today, Accent Group reported a 5 per cent rise in revenues from last year to $816.9 million. After-tax profits dipped 40 per cent to $28.1 million due to increased costs.
Chief executive Daniel Agostinelli said return-to-school trading drove up sales in the first eight weeks of the second half of the financial year by 7 per cent, compared with the same period last year.
Accent Glue, the shoe retailer behind The Athlete's Foot and Hype DC, announced the closure of 17 Glue Stores in mid 2024, saying they were underperforming and not achieving required returns.
It says it is now focusing on "growth opportunities" over the coming months from its global brands - Lacoste, Hoka and Sport Direct.
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