144-year-old Auckland retailer Smith & Caughey's to close two stores in 2025 due to 40% revenue drop and significant loss.
144-year-old Auckland retailer Smith & Caughey's is set to close its two stores in 2025, with 250 employees informed of the closure proposal. The company faced a 40% drop in revenue over the past five years and is now trading at a significant loss, making the decision unsustainable. Smith & Caughey's original 1880 founding by Marianne Smith aimed to serve Auckland's diverse shoppers while preserving cherished traditions.
May 29, 2024
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