Glue Store was founded in 1998 and acquired by Accent Group in 2021. (Source: Westfield/Glue Store)
Glue Store is closing all of its stores across Australia as its owner pivots to focus on global brands. The popular Aussie fashion chain has seen a number of its stores close in recent years, after consistently losing money.
Owner Accent Group confirmed all 16 remaining Glue Stores would be shut or sold by the end of the financial year, in a statement to the ASX. In the first half of the year, Glue recorded a loss of $8.4 million, inclusive of closure provisions.
“The company has made the decision to cease operations of Glue Stores. The business will be wound down or sold,” Accent Group said.
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The company did not specify how many jobs would be impacted by the closures.
Accent Group has about 900 stores and is behind brands like The Athlete’s Foot, Hype DC, Platypus, Nude Lucy and Style Runner.
It acquired Glue from Britain’s JD Sports Fashion in 2021. The brand was originally founded in 1998 by Hilton Seskin, the retailer behind Rebel Sport.
Accent Group announced the closure of 17 Glue store “underperforming” locations in mid-2024 due to lacklustre sales figures.
Accent Group plans to continue to pursue “growth opportunities”, including plans to roll out globally recognised brands like Sports Direct and Lacoste.
The company opened the first Sports Direct store in Australia in Fountain Gate in Victoria in November last year. It is now in discussions for a further nine stores, with a long-term deposit of at least 50 stores over the next six years.
It opened a flagship concept Lacoste store in Melbourne in December, with a further five stores planned for the remainder of the year. It’s also opening three HOKA stores in the coming months, including a flagship store in Sydney’s CBD.
Accent reported revenues of $816.9 million, up 5 per cent a year earlier.
Higher costs pushed its after-tax profits were down 40 per cent to $28.1 million.
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