NEW ZEALAND: Hallenstein Axes Australian Menswear Stores
The operator of 108 stores in Australia and New Zealand said its Hallenstein menswear chain had not performed well in Melbourne and it would now concentrate on its Glassons women’s chain which has a dozen outlets in Australia.
"Conversely, Glassons had been successful in adapting their retail formula to suit the Australian market and the woman's chain will now concentrate its efforts on growing store numbers in New South Wales and Victoria," the company said in a statement.
It added costs associated with the closing of the Hallenstein stores would not have a major impact on 2003 earnings with the benefits felt next year.
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