SOME of Australia's best-known retail outlets could vanish from main streets and shopping centres by the end of the financial year, after Mosaic Brands announced it would 'move aggressively' to close 250 stores.
Mosaic Brands owns Rockmans, Katies, Autograph, W-Lane, Crossroads, Rivers, Beme, Millers and Noni B.
Managers announced the mass closures at their annual general meeting on Thursday.
Managing director Scott Evans said the company had already closed 73 stores but more would go.
"The nature of bricks and mortar retail has changed forever and consistent with our update in August we will move aggressively to close stores where the landlord has pre COVID-19 rental expectations," he said.
"We will not maintain lease agreements that don't match the needs of our customers ... we have already closed 73 stores over the past three months and expect further closures of up to 250 stores nationally by the end of this financial year.
"We are very conscious of the impact this has on our people along with the communities they serve. We are providing support to all impacted team member as well as offering redeployment opportunities where possible."
It is not known whether the closures will affect stores in the Riverina as the company has not yet released a list of affected locations.