Country Road to close QVB store in Sydney
The business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs.
It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires.
Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand.
Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just $14.2m.
Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories.
It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US.
In 2014, Country Road and Trenery were bought by South African brand Woolworths.
Country Road's recent falls are in line with the collapse of dozens of retailers.
Retail giant Mosaic Brands – owner of Millers, Rivers, Crossroads, Katies, Noni B and Autograph – collapsed into voluntary administration in October 2024.
In a notice to creditors delivered in February, Mosaic's total debt was tallied at more than $318m.
Iconic retailer Jeanswest also said it was hit by a 'perfect storm' of factors as it closed its stores in March, with 600 workers out of a job.
CreditorWatch's latest insolvency data shows tax cuts and interest-rate relief is slowly passing through to businesses' bottom line.
CreditorWatch's May data shows an easing in two key measures of business stress, insolvencies and B2B payment defaults, suggesting the July 2024 tax cuts, recent interest-rate reductions, slower inflation and fiscal support measures are beginning to alleviate some pressures on Australian businesses.
CreditorWatch chief executive Patrick Coghlan said the May data on defaults and insolvencies was encouraging but some sectors remained under pressure.
'This levelling off of insolvencies has been long awaited and is very welcome but we need to remember that several industries still face significant challenges, particularly those exposed to discretionary spending,' he said.
'Post-Covid, we've seen inflation hit 30-year highs.
'Those rapid price increases across the economy don't reverse when the inflation rate comes down again – the higher prices are locked in and remain as permanent pressures for businesses.'
Originally published as Fashion retailer to close flagship stores, citing sales pressure

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Advertiser
30 minutes ago
- The Advertiser
Kerbside EV charging coming to Victoria as Aussie firm's network continues to grow
RACV Commercial Energy Solutions and electric vehicle (EV) charging company EVX are partnering up to bring kerbside EV chargers to Victoria, with the first two installations going online in the coming weeks. The first chargers will be located in High Street and Warner Avenue in Ashburton, with further installations to be located within the cities of Port Phillip, Stonnington and Yarra in the greater Melbourne area. All up, RACV and EVX plan to install up to 40 dual EVX chargers across the state, supported by a $2.4 million grant from the Australian Renewable Energy Agency (ARENA) that will see EVX install 250 chargers across over 60 local government areas in Victoria, New South Wales and South Australia. These chargers are installed directly onto existing utility poles, which EVX says provides flexibility for EV drivers who park on the street, including those who live in apartments or who lack private parking or the ability to install home chargers. CarExpert can save you thousands on a new car. Click here to get a great deal. Each EVX charging unit is Australian-designed and made and features dual 22kW sockets, allowing EV drivers to charge their vehicles using AC power. EV drivers will need to download the EVX Australia app, which shows the chargers currently available, and scan a QR code to start charging. It costs $0.50 per kWh to charge a vehicle using an EVX charger. EVX, which manufactures, installs and operates kerbside EV chargers, already has around 100 chargers throughout NSW and plans to install another 120 more across not only Victoria and NSW but also South Australia and the ACT, all within the next 10-12 months. "Partnerships like this with RACV are helping us to accelerate the transition to EVs by providing a reliable, accessible, affordable and sustainable EV charging network across the country," said EVX CEO Andrew Forster. The company alone will soon have more than half – or 278 – of the kerbside chargers being rolled out across Sydney's suburbs as part of a new grant program in NSW. It's receiving 27 per cent of the total co-funding – $2.8 million – from the NSW Government. The state government has announced plans to roll out 436 chargers across 130 suburbs, with the $2.8 million investment being accompanied by $2.2 million in private investment. In addition to EVX, Charge Post, Connected Kerb, Plus ES and EF Asset Management are receiving kerbside charging grants. EVX is set to be the first kerbside charging provider in Victoria, but it may not be alone for long. Victorian energy distributors CitiPower, Powercor and United Energy confirmed last year they plan to install, own and maintain kerbside chargers across 100 locations. It has applied for a ring-fencing waiver from the Australian Energy Regulator to be able to install and maintain this infrastructure. Should this plan be approved, the energy distributors will install 22kW single- and dual-port chargers on existing power poles, with a third-party charging company to manage interactions with customers. Content originally sourced from: RACV Commercial Energy Solutions and electric vehicle (EV) charging company EVX are partnering up to bring kerbside EV chargers to Victoria, with the first two installations going online in the coming weeks. The first chargers will be located in High Street and Warner Avenue in Ashburton, with further installations to be located within the cities of Port Phillip, Stonnington and Yarra in the greater Melbourne area. All up, RACV and EVX plan to install up to 40 dual EVX chargers across the state, supported by a $2.4 million grant from the Australian Renewable Energy Agency (ARENA) that will see EVX install 250 chargers across over 60 local government areas in Victoria, New South Wales and South Australia. These chargers are installed directly onto existing utility poles, which EVX says provides flexibility for EV drivers who park on the street, including those who live in apartments or who lack private parking or the ability to install home chargers. CarExpert can save you thousands on a new car. Click here to get a great deal. Each EVX charging unit is Australian-designed and made and features dual 22kW sockets, allowing EV drivers to charge their vehicles using AC power. EV drivers will need to download the EVX Australia app, which shows the chargers currently available, and scan a QR code to start charging. It costs $0.50 per kWh to charge a vehicle using an EVX charger. EVX, which manufactures, installs and operates kerbside EV chargers, already has around 100 chargers throughout NSW and plans to install another 120 more across not only Victoria and NSW but also South Australia and the ACT, all within the next 10-12 months. "Partnerships like this with RACV are helping us to accelerate the transition to EVs by providing a reliable, accessible, affordable and sustainable EV charging network across the country," said EVX CEO Andrew Forster. The company alone will soon have more than half – or 278 – of the kerbside chargers being rolled out across Sydney's suburbs as part of a new grant program in NSW. It's receiving 27 per cent of the total co-funding – $2.8 million – from the NSW Government. The state government has announced plans to roll out 436 chargers across 130 suburbs, with the $2.8 million investment being accompanied by $2.2 million in private investment. In addition to EVX, Charge Post, Connected Kerb, Plus ES and EF Asset Management are receiving kerbside charging grants. EVX is set to be the first kerbside charging provider in Victoria, but it may not be alone for long. Victorian energy distributors CitiPower, Powercor and United Energy confirmed last year they plan to install, own and maintain kerbside chargers across 100 locations. It has applied for a ring-fencing waiver from the Australian Energy Regulator to be able to install and maintain this infrastructure. Should this plan be approved, the energy distributors will install 22kW single- and dual-port chargers on existing power poles, with a third-party charging company to manage interactions with customers. Content originally sourced from: RACV Commercial Energy Solutions and electric vehicle (EV) charging company EVX are partnering up to bring kerbside EV chargers to Victoria, with the first two installations going online in the coming weeks. The first chargers will be located in High Street and Warner Avenue in Ashburton, with further installations to be located within the cities of Port Phillip, Stonnington and Yarra in the greater Melbourne area. All up, RACV and EVX plan to install up to 40 dual EVX chargers across the state, supported by a $2.4 million grant from the Australian Renewable Energy Agency (ARENA) that will see EVX install 250 chargers across over 60 local government areas in Victoria, New South Wales and South Australia. These chargers are installed directly onto existing utility poles, which EVX says provides flexibility for EV drivers who park on the street, including those who live in apartments or who lack private parking or the ability to install home chargers. CarExpert can save you thousands on a new car. Click here to get a great deal. Each EVX charging unit is Australian-designed and made and features dual 22kW sockets, allowing EV drivers to charge their vehicles using AC power. EV drivers will need to download the EVX Australia app, which shows the chargers currently available, and scan a QR code to start charging. It costs $0.50 per kWh to charge a vehicle using an EVX charger. EVX, which manufactures, installs and operates kerbside EV chargers, already has around 100 chargers throughout NSW and plans to install another 120 more across not only Victoria and NSW but also South Australia and the ACT, all within the next 10-12 months. "Partnerships like this with RACV are helping us to accelerate the transition to EVs by providing a reliable, accessible, affordable and sustainable EV charging network across the country," said EVX CEO Andrew Forster. The company alone will soon have more than half – or 278 – of the kerbside chargers being rolled out across Sydney's suburbs as part of a new grant program in NSW. It's receiving 27 per cent of the total co-funding – $2.8 million – from the NSW Government. The state government has announced plans to roll out 436 chargers across 130 suburbs, with the $2.8 million investment being accompanied by $2.2 million in private investment. In addition to EVX, Charge Post, Connected Kerb, Plus ES and EF Asset Management are receiving kerbside charging grants. EVX is set to be the first kerbside charging provider in Victoria, but it may not be alone for long. Victorian energy distributors CitiPower, Powercor and United Energy confirmed last year they plan to install, own and maintain kerbside chargers across 100 locations. It has applied for a ring-fencing waiver from the Australian Energy Regulator to be able to install and maintain this infrastructure. Should this plan be approved, the energy distributors will install 22kW single- and dual-port chargers on existing power poles, with a third-party charging company to manage interactions with customers. Content originally sourced from: RACV Commercial Energy Solutions and electric vehicle (EV) charging company EVX are partnering up to bring kerbside EV chargers to Victoria, with the first two installations going online in the coming weeks. The first chargers will be located in High Street and Warner Avenue in Ashburton, with further installations to be located within the cities of Port Phillip, Stonnington and Yarra in the greater Melbourne area. All up, RACV and EVX plan to install up to 40 dual EVX chargers across the state, supported by a $2.4 million grant from the Australian Renewable Energy Agency (ARENA) that will see EVX install 250 chargers across over 60 local government areas in Victoria, New South Wales and South Australia. These chargers are installed directly onto existing utility poles, which EVX says provides flexibility for EV drivers who park on the street, including those who live in apartments or who lack private parking or the ability to install home chargers. CarExpert can save you thousands on a new car. Click here to get a great deal. Each EVX charging unit is Australian-designed and made and features dual 22kW sockets, allowing EV drivers to charge their vehicles using AC power. EV drivers will need to download the EVX Australia app, which shows the chargers currently available, and scan a QR code to start charging. It costs $0.50 per kWh to charge a vehicle using an EVX charger. EVX, which manufactures, installs and operates kerbside EV chargers, already has around 100 chargers throughout NSW and plans to install another 120 more across not only Victoria and NSW but also South Australia and the ACT, all within the next 10-12 months. "Partnerships like this with RACV are helping us to accelerate the transition to EVs by providing a reliable, accessible, affordable and sustainable EV charging network across the country," said EVX CEO Andrew Forster. The company alone will soon have more than half – or 278 – of the kerbside chargers being rolled out across Sydney's suburbs as part of a new grant program in NSW. It's receiving 27 per cent of the total co-funding – $2.8 million – from the NSW Government. The state government has announced plans to roll out 436 chargers across 130 suburbs, with the $2.8 million investment being accompanied by $2.2 million in private investment. In addition to EVX, Charge Post, Connected Kerb, Plus ES and EF Asset Management are receiving kerbside charging grants. EVX is set to be the first kerbside charging provider in Victoria, but it may not be alone for long. Victorian energy distributors CitiPower, Powercor and United Energy confirmed last year they plan to install, own and maintain kerbside chargers across 100 locations. It has applied for a ring-fencing waiver from the Australian Energy Regulator to be able to install and maintain this infrastructure. Should this plan be approved, the energy distributors will install 22kW single- and dual-port chargers on existing power poles, with a third-party charging company to manage interactions with customers. Content originally sourced from:

The Age
an hour ago
- The Age
ASX set to rise, Wall Street mixed; Trump labels Fed chief a ‘numbskull'; Coca-Cola to make new product after Trump pressure
Wall Street inched to another record following some mixed profit reports, as General Motors and other big US companies gave updates on how much President Donald Trump's tariffs are hurting or helping them. The S&P 500 added 0.1 per cent to the all-time high it had set the day before. The Dow Jones Industrial Average rose 179 points, or 0.4 per cent, though the Nasdaq composite slipped 0.4 per cent from its own record. The Australian sharemarket is set to rise, with futures at 6.59am AEST pointing to a gain of 40 points, or 0.5 per cent, at the open. The ASX edged 0.1 per cent higher on Tuesday. The Australian dollar is higher. It was fetching 65.54 US cents at 7.22am AEST. General Motors dropped 8.1 per cent despite reporting a stronger profit for the spring than analysts expected. The automaker said it's still expecting a $US4 billion to $US5 billion ($US6.1 billion- $US7.6 billion) hit to its results over 2025 because of tariffs and that it hopes to mitigate 30 per cent of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring. Loading That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 17 per cent, and PulteGroup jumped 11.5 per cent. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy. So far, the US economy seems to be powering through the uncertainty created by Trump's on-and-off tariffs. Many of Trump's proposed taxes on imports are currently on pause, and the next big deadline is August 1. Talks are underway on possible trade deals with other countries that could lower the stiff proposals before they kick in. Trump said he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the US slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there. Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate 'all US tariffs currently in effect,' along with its updated expectations for business conditions in the second half of the year.


7NEWS
an hour ago
- 7NEWS
Kerbside EV charging coming to Victoria as Aussie firm's network continues to grow
RACV Commercial Energy Solutions and electric vehicle (EV) charging company EVX are partnering up to bring kerbside EV chargers to Victoria, with the first two installations going online in the coming weeks. The first chargers will be located in High Street and Warner Avenue in Ashburton, with further installations to be located within the cities of Port Phillip, Stonnington and Yarra in the greater Melbourne area. All up, RACV and EVX plan to install up to 40 dual EVX chargers across the state, supported by a $2.4 million grant from the Australian Renewable Energy Agency (ARENA) that will see EVX install 250 chargers across over 60 local government areas in Victoria, New South Wales and South Australia. These chargers are installed directly onto existing utility poles, which EVX says provides flexibility for EV drivers who park on the street, including those who live in apartments or who lack private parking or the ability to install home chargers. CarExpert can save you thousands on a new car. Click here to get a great deal. Each EVX charging unit is Australian-designed and made and features dual 22kW sockets, allowing EV drivers to charge their vehicles using AC power. EV drivers will need to download the EVX Australia app, which shows the chargers currently available, and scan a QR code to start charging. It costs $0.50 per kWh to charge a vehicle using an EVX charger. EVX, which manufactures, installs and operates kerbside EV chargers, already has around 100 chargers throughout NSW and plans to install another 120 more across not only Victoria and NSW but also South Australia and the ACT, all within the next 10-12 months. 'Partnerships like this with RACV are helping us to accelerate the transition to EVs by providing a reliable, accessible, affordable and sustainable EV charging network across the country,' said EVX CEO Andrew Forster. The company alone will soon have more than half – or 278 – of the kerbside chargers being rolled out across Sydney's suburbs as part of a new grant program in NSW. It's receiving 27 per cent of the total co-funding – $2.8 million – from the NSW Government. The state government has announced plans to roll out 436 chargers across 130 suburbs, with the $2.8 million investment being accompanied by $2.2 million in private investment. In addition to EVX, Charge Post, Connected Kerb, Plus ES and EF Asset Management are receiving kerbside charging grants. EVX is set to be the first kerbside charging provider in Victoria, but it may not be alone for long. Victorian energy distributors CitiPower, Powercor and United Energy confirmed last year they plan to install, own and maintain kerbside chargers across 100 locations. It has applied for a ring-fencing waiver from the Australian Energy Regulator to be able to install and maintain this infrastructure. Should this plan be approved, the energy distributors will install 22kW single- and dual-port chargers on existing power poles, with a third-party charging company to manage interactions with customers.