Jeweller in store exit

JEWELLERY chain Michael Hill International will close 80 per cent of its struggling Emma & Roe stores at the cost of up to $7.9 million, with just six outlets surviving the cull.

The Brisbane-based company yesterday said it expects to close 24 stores by June 30, with the remainder to be repositioned in a previously announced move to service the “demi-fine” jewellery segment.

The total one-off cash cost of closing the stores and paying employee severance is estimated to be between $5.8 million and $7.9 million.