Iconic Australian label Sass & Bide, which is owned by Myer, announced that it will be closing down several of its stores by the end of this year.
The company noted that it will focus on online sales. It currently has four stores.
The remaining Sass & Bide stores will be located in Western Australia, Queensland, and Victoria.
Some of the locations affected by the closures include Paddington, Bondi, Chadstone, Miranda, Rundle Street, and Doncaster and Emporium.
In New Zealand, one of the company’s stores, which is located in Newmarket, will be closing.
Paula Mackenzie, the managing director of Sass & Bide, said that the company will provide its employees with support and redeployment opportunities.
The decision to close the company’s stores was not taken lightly. The Sass & Bide brand was founded in 1999 by Heidi Middleton and Sarah-Jane Clarke.
In 2011, Myer paid a total of $42.3 million for its controlling stake in the company.
It then bought out the remaining portion of the company in 2013.
According to Ms. Mackenzie, there will be a reduction in the number of support office positions.
The company noted that it will still be offering its products at David Jones and Myer stores.
She said that the company’s strategy is to improve its efficiency and provide its customers with the best possible experience.
The company noted that it will also continue to operate its support office and store network in a sustainable manner.
It said it will focus on its online business and align its operations with the company’s popular in-store concessions.
The announcement comes following the collapse of Australian fashion brand Dion Lee, which reportedly owed $35 million to creditors.