Griffith's Jeanswest store will remain open as the company restructures to attract new buyers.
The company had entered voluntary administration on January 15, with administrators at KPMG now commencing the restructuring of the company.
Under the restructuring, 37 locations will close and 263 employees have been made redundant, with 11 stores in NSW due to shut as well as the Echuca outlet in Victoria.
KPMG retail restructuring leader James Stewart said the decision was necessary to provide the business the best chance of finding a buyer.
"The decision to proactively restructure the business early in the administration process has not been taken lightly," Mr Stewart said.
"We are very mindful of the serious impact store closures and staff redundancies have on people's lives.
"However, we must also work to maximise the opportunity for this business to be sold or restructured - to give it the best chance to continue."
Mr Stewart said where possible, the administration team would look to redeploy members at the stores earmarked for closure and support will be provided to the employees made redundant through the company's employee assistance program.
The first meeting of creditors of the company is due to be held in Melbourne on January 28.
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