Fashion retailer Country Road is set to close several stores in Australia as declining sales push its South African parent company, Woolworths Holdings, to reduce its retail presence.

Among the closures is Country Road’s flagship store in Sydney’s Queen Victoria Building, a prominent location the company is vacating to cut costs. Its sister brand, Trenery, will also shut its store in the upscale suburb of Mosman. 

Additionally, the Country Road store on Pitt Street Mall is scheduled to close in 2028 when its lease ends.

Founded in 1974, Country Road is known for its stylish, smart-casual clothing for men, women, and children, as well as its range of homewares and accessories. The company currently has more than 650 stores across Australia, New Zealand and South Africa.

In its most recent earnings report, Woolworths Holdings reported an almost 8 per cent decline in sales for the 26 weeks to December 29, while operating profit plunged 71.7 per cent to A$14.2 million.

In a leadership shake-up last month, Country Road Group appointed former Debenhams co-CEO Steven Cook as its new chief executive, succeeding Raju Vuppalapati.