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Michael Hill to Shut Emma & Roe
Jun 25, 2018 6:03 AM
By Rapaport News
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RAPAPORT... Michael Hill will close all 30 Emma & Roe stores as it
redeploys funds and resources to its core business, it said last week.
The Australia-based retailer had initially planned to shut only
24 of its 30 Emma & Roe stores in Australia and New Zealand by June 30 due
to lackluster sales.
“Following a strategic review, we have decided that a
singular focus on the Michael Hill brand will best position us to deliver a
stronger customer proposition and financial results,” said Michael Hill international
CEO Phil Taylor. “Management resources and capital that would have been required
to reposition the Emma & Roe brand will instead be directed to our core
business, Michael Hill.”
The Michael Hill brand is a much more significant part of
the overall group, comprising 95% of total revenue, it said.
Tishara Mina, Emma & Roe’s general manager, has assumed
responsibility for Michael Hill’s core-brand operations in six Australian
regions. Kevin Stock, previously the head of the entire Michael Hill brand,
will oversee business in the country’s other seven geographical areas.
The closure of the remaining six Emma & Roe stores,
including employee- severance packages and exiting store contracts, will cost about
$2.3 million (AUD 3.1 million), the jeweler forecast.
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Tags:
Emma & Roe, Kevin Stock, Michael Hill, Phil Taylor, Rapaport News, Tishara Mina
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