John Cootes closure will cost 135 jobs
John Cootes Furniture, which has stores across NSW and the ACT, is being closed by its owners after they failed to find a committed buyer.
Australian Associated PressAugust 13, 201811:35am
About 135 jobs will go with the closure of 12 John Cootes Furniture stores across NSW and the ACT.
The decision was announced on Monday by the retailer's owner Elanor Investors Group and follows a strategic review of the business.
"Following the review, Elanor has now decided to commence an orderly closure of the business," it said in a statement to the stock exchange.
All 12 stores in NSW and the ACT will be closed by the end of December.
Some 135 jobs – 90 full-time and 45 casual and part-time – will be impacted.
Elanor said it was committed to ensuring the payout of all entitlements and redundancies, along with an unspecified ex-gratia payment, to workers.
It has blamed tough retail market conditions in NSW for the closure of Australian-owned John Cootes, which has operated since the 1980s.
"The significant increase in the competitive environment, combined with softer retail market conditions has resulted in our decision," CEO Glenn Willis said.