Cue and Veronika Maine to close 26 stores amid sale process

Receivers from FTI Consulting have announced the closure of 26 stores across the Cue Clothing Co and Veronika Maine brands in Australia and New Zealand. The decision follows the Sydney-based retailer entering voluntary administration in September due to high overhead costs.

The closures are a result of the sale process, where a shortlist of potential bidders identified a common group of underperforming locations they do not wish to acquire. The affected stores include 13 Cue locations and nine Veronika Maine locations in Australia, alongside three stores in New Zealand. New South Wales will see the highest number of closures.

While the physical store network is shrinking, both brands continue to trade during the sale process, and the concession stands in Myer and David Jones remain unaffected. FTI Consulting stated that the intention is to redeploy team members into continuing stores whenever possible. Potential buyers, including Brand Collective and Justin Levis, have submitted non-binding indicative offers, and commercial matters are currently being finalized with shortlisted parties.