Cue Clothing and Veronika Maine to close 26 more stores

Summarised from 2 outlets · 5 reports · Updated 15 Oct, 03:02 · Archive

Twenty-six of the 46 remaining Cue and Veronika Maine stores across Australia and New Zealand will close from Thursday.

Cue Clothing and Veronika Maine, two major Australian fashion brands, will close 26 of their 46 remaining stores across Australia and New Zealand from Thursday. The closures follow the companies' entry into voluntary administration on 15 September. Receivers FTI Consulting appointed Kate Warwick and Vaughan Strawbridge to oversee the sale process.

A small number of potential buyers have submitted non-binding indicative offers. The receivers asked interested parties to identify which stores they would want to acquire. Based on feedback from buyers, a common group of stores emerged that none of them wished to continue operating. The 26 closures are a result of this feedback. Thirteen Cue stores and nine Veronika Maine locations in Australia will shut, along with one combined store at Birkenhead Point in Sydney. In New Zealand, two Cue stores and one Veronika Maine store will close. These closures are in addition to five stores closed in September.

The Sydney-based chain cited overhead costs as the reason for entering administration. The company carries debts totalling £55m, with the main operating entity Cue Co owing £42.12m. Major creditors include the Australian Taxation Office and shopping centre operator Scentre Group. Thirty-seven employees have made claims to creditors. Affected staff will be redeployed to continuing stores where possible, and store closures will proceed as stock levels allow.

How it is being reported

• Receivers shut 26 Cue and Veronika Maine stores across Australia as collapse loomsTwo of Australia’s most recognisable fashion brands have begun shutting stores nationwide as $55m in debt threatens their survival.Perth Now · 15 Oct, 02:47
• Receivers shut 26 Cue and Veronika Maine stores across Australia as collapse loomsTwo of Australia’s most recognisable fashion brands have begun shutting stores nationwide as $55m in debt threatens their survival.The West Australian · 15 Oct, 02:47
• Struggling womenswear chain to shut down most storesThirteen Cue stores and nine Veronika Maine locations in Australia are being shut down after potential buyers said they weren't interested.Perth Now · 15 Oct, 02:30
• Struggling womenswear chain to shut down most storesThirteen Cue stores and nine Veronika Maine locations in Australia are being shut down after potential buyers said they weren't interested.The West Australian · 15 Oct, 02:30
• More Cue Clothing and Veronika Maine stores to close as buyers line up with rescue bidsReceivers of popular womenswear brands Cue Clothing and Veronika Maine will close another 26 stores as they ready the collapsed retail empire for a possible sale.The West Australian · 15 Oct, 01:46

In this story: Cue Clothing · Veronika Maine · FTI Consulting · Kate Warwick · Vaughan Strawbridge · Australia · New Zealand

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