A retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale.
Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of Monday (4 February 2019), just three days after announcing a storewide sale to clear stock.
The full list of stores that have closed is listed below.
The 30 per cent off sale reportedly generated significant customer engagement and sales turnover over the weekend.
Administrator Simon Cathro said in a statement that the store closures were aimed at rightsizing the retailer for a potential sale, suggesting that such an…
Read the full article at: https://www.mybusiness.com.au/management/5417-half-of-retailer-s-stores-closed-for-good