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Article Another Major Retailer Set to Close its Doors

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The Reject Shop is set to close the doors of seven of its Australian retail outlets in the next month following the shock announcement its chief executive has quit.

It has been revealed the company has forecast a predicted loss of $2million.

Falling profits, along with increases to operational costs, have been cited as reasons why the chain is currently undergoing a restructure, shares Daily Mail.

The iconic retailer which started out as a single shop in Melbourne in 1980 expanded to 350 franchises across the country in 2017.

‘The reduced earnings guidance reflects a tough trading environment in the retail sector which has continued to be impacted by low consumer confidence, flat wages, increases in the cost of living and a rapidly falling housing sector,’ the company said in a statement.

The company said Ross Sudano would leave ‘in the near term’ and general manager of supply chain, strategy and innovation Dani Aquilina had been appointed acting CEO while it searched for a replacement.

Seven stores will close by the end of June after the company was unable to negotiate ‘acceptable’ rents.

It is not yet known which stores would be closing their doors.

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  • A sign of the times, with too many retailers in the same budget space.

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  • noo please!! iits so good for some of the garden stuff.

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  • Ow no! Not The Reject Shop too?? Unbelievable, hopefully not the ones near me.

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  • I love the reject shop. They have some great bargains.

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  • The had issues a while back when they were busted underpaying staff. Guess it costs too much to actually pay proper wages.

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  • It has been struggling since things like ebay came about. But it’s upsetting.

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  • Sorry to hear they are struggling !

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  • Think they open too many branches in the city. Every shopping centre I go will have one.

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  • Will be interesting to see which ones shut. It’s definitely had its run

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  • The Reject shop has been around so long,such a shame it’s closing shops!

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  • I wish they said which ones were closing when they made these announcements it’s hard for small areas with lots of uncertainty.

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  • This company has been in trouble for a while now.

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  • A shame to see another retailer in difficulty.

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  • It’s a shame but there are just so many cheap stores these days and with Kmart etc being so cheap there is less need for them.

    • There are number of stores with similar products for sure – they are fun stores to poke around for a bargain.

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  • I don’t shop there but I have heard Frankston either has or is closing.

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  • This is one of my favourite shops. So I really hope the shop near my house won’t get closed. Such a pity!! :-(

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  • Oh no! I love going there every so often for a browse. I’d go more often but the carpark is terrible! Hope it’s not our local shutting though.

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  • Oh no! I hope the ones nearest me don’t close down.

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  • Oh no, I did like to pop in here and see what they had. A lot was cheap crap, but I occasionally found a bargain or two

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  • NOOO!!!!

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