Colorado in damage control

1000 people are to lose their jobs as outdoors clothing chain Colorado, battered by debt cuts corners.

A going-out-of-business sale will empty Colorado's 109 shopfronts across Australia and New Zealand within five weeks, slashing by one-third the size of the chain's parent company, Colorado Group.

Receiver Brendan Richards of corporate recovery firm Ferrier Hodgson said the closures would include 100 stores trading under the Colorado banner in Australia and a further nine in New Zealand

"The Colorado brand lost its way over the course of the last six or seven years, and the change in the economic environment and the downturn in the retail market has led this to happen."

Mr Richards said the closures would eliminate loss-making sites, leaving a portfolio of 281 profitable stores dominated by the Williams and Mathers brands, which would have 135 and 73 stores respectively

The move to close Colorado comes less than two weeks after the administrators of bookseller RedGroup Retail announced the Borders chain would close in Australia by July 17, putting 315 staff out of work.

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