Smith & Caughey's to close its doors after 145 years
Auckland department store Smith & Caughey's has made the 'heartbreaking decision' to close its doors by the end of July after 145 years.
The move to close the flagship Queen St store and its online offering follows the latest consultation process with staff about its ongoing viability.
Its closure will result in 98 redundancies.
On May 29 last year, the store initiated a staff consultation proposal regarding the potential closure of all retail operations in early 2025. This included prominent department stores in Queen St, Newmarket, and online. It cited a range of external factors that created the "perfect storm" for the retailer, including increased competition with the march from the main street to new shopping malls; continued economic uncertainty; low consumer confidence and spending power; and city office workers continuing to work from home following the Covid-19 pandemic.
The Queen St store was downsized to a single floor in February, while its Newmarket store was closed last year in a bid to save the business.
'We are acutely aware that this has been a difficult and uncertain time for our staff and today's announcement is a deeply emotional one for all the team, our suppliers and our loyal customers,' acting chief executive Matt Harray said today in a statement.
'Our intention has always been to address the business challenges so that Smith & Caughey's can continue.
'Every attempt has been made to achieve this and every feasible option investigated, no stone left unturned. However, it's sadly clear it is no longer viable for us to keep the doors open.'
Harray said changes made last year to improve the company's financial position did not come to fruition.
'This is a heartbreaking decision, and our attention right now is on our staff.'
A final 'End of an Era' sale will commence at the Queen St retail store on Wednesday, May 28. The online store will close on May 30, 2025.
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