Due to competitive nature of New Zealand market.
JB Hi-Fi will close its store in Auckland’s Westgate shopping centre on August 6, 2017, affecting 24 staff. CEO, Richard Murray confirmed the decision with local media and said that there were 19 available redeployment opportunities at 15 other stores.
“It is an unprofitable store and it is at the end of its lease…it’s not uncommon for a retailer to close an unprofitable store,” Murray told the New Zealand Herald.
“This is a difficult time for the staff involved. I am confident having spoken to all the people on the ground… that we have handled this in as ethical, transparent and caring way as we can. Our New Zealand business had sales decline 1.7% but earnings were down about 50%.
“New Zealand is a very, very competitive market, but we have plans over the next two years to improve performance,” he said.
