Michael Hill International Ltd has decided to close all its 30 Emma & Roe stores instead of keeping 6 open and repositioning the brand towards demi-fine jewellery.
Michael Hill announced its intention to withdraw from the US and review the future of its Emma & Roe chain in January. Only one of the Emma & Roe stores is outside Australia – at Westfield Manukau in Auckland. The company has 53 stores in New Zealand, 172 in Australia, 83 in Canada.
The new decision means focusing on the core Michael Hill brand. But the company also commented in Thursday’s announcement: “The demi-fine market remains a compelling market opportunity to pursue at the right time.”
Chief executive Phil Taylor estimated the total one-off cash cost of the closures wouldn’t exceed $A3.1 million (the ASX- & NZX-listed company is now based in Brisbane).
15 April 2018: Michael Hill sets US closure date, still reports sales growth
9 February 2018: Michael Hill sees $A25 million cut from store exits
31 January 2018: Hill concedes defeat in US, will reposition second brand
14 January 2018: Michael Hill lifts sales but US concerns continue
Attribution: Company release.