Premier Retail issues ultimatum to its weak links

The company owns retail brands Just Jeans, JayJays, Jacqui-E, Portmans, Dotti, Peter Alexander and Smiggle in Australia and New Zealand. Photo / Martin Sykes

New Zealand stores in the Premier Retail group could face closure if they do not become profitable before their leases expire.

The company owns retail brands Just Jeans, JayJays, Jacqui-E, Portmans, Dotti, Peter Alexander and Smiggle in Australia and New Zealand.

Yesterday, chief executive Mark McInnes announced the decision as part of a strategic review.

An Australian spokeswoman said there were 50 stores across Australia and New Zealand which were earmarked for closure if they did not lift performance.

She said a decision to close stores would be made on an individual basis at lease expiry over the next four years.

Premier also announced that it intended to open 100 new stores over the next three years, including up to 50 Smiggle stores in New Zealand and Australia, 20 in Singapore and up to 30 Peter Alexander stores in Australia.

"Premier ... is seeking the right opportunities in popular, high performing centres," she said.