Fantastic Holdings Ltd
(ASX:FAN) will be closing down its ‘Le Cornu’ store in South Australia in the next 6 months. The furniture company says there will be staff redeployments, and some unavoidable redundancies.
In the 2016 fiscal year, Le Cornu’s suffered trading losses of $4 million.
Fantastic Holdings says the winding down of its ‘Le Cornu’ is part of its strategy to invest more in its core brands in South Australia – which are ‘Plush’ and ‘Fantastic Furniture’. The company also says it will incur a one-off charge of $9.1 million from this winding down.
Fantastic Holdings reported a net profit of $10.92 million at 31 December 2015.
