FCO - Fishing Camping Outdoors - is to close its 13 New Zealand stores after operating in the country for just over three years.
In reporting its financial results today Australian owner, Super Retail Group, said it wants to cease FCO's operations this financial year, which ends in June.
"A review of the FCO business has identified that while a number of improvement opportunities exist the business is unlikely to be able to achieve the group's return on capital targets within a reasonable time period. It has therefore been decided to move towards ceasing operations this financial year," Super Retail Group said in a presentation to investors.
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The listed Australian company has booked a A$20 million restructuring costs for the closure of the business.