Michael Hill to close Emma & Roe stores

Company News

by Rachael Jones

Jeweller Michael Hill International (ASX:MHJ) will close all Emma & Roe stores and the brand’s online presence to focus on the core Michael Hill business.

The company had initially intended to close 24 and retain six Emma & Roe stores as part of a project to reposition the brand towards demi-fine jewellery.

The total one-off cash costs of exiting the six remaining Emma & Roe stores for lease termination and employee severance costs is currently estimated to be $3.1 million.

The company recently announced a new Australian retail management structure, with effect from the beginning of July that includes Kevin Stock and Tishara Mina as joint Retail General Managers of Australia.

Shares in Michael Hill International (ASX:MHJ) closed 1.58 per cent higher to 96c yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.