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Le Cornu To Close, 70 Jobs Likely To Be Lost

ADELAIDE, AUSTRALIA: The iconic furniture business in Adelaide, Le Cornu, was announced to be closed by Fantastic Holdings. The Keswick store that housed 95 of their employees hopes to reassign 25 of their staff.

“I’m hoping to actually redeploy across Australia — some people have already said: ‘New store in Cairns, I’d be interested in perhaps looking at that’, so we have 75 stores in our Fantastic brand across Australia so there are many redeployment options,” Ms Singh said.

Fantastic Holdings owns Le Cornu stores in Adelaide and Darwin which directly competes with Harvey Norman franchised stores for the “mass market” category. The Adelaide store will be closed while the Darwin store will remain open.

According to the company, the Keswick site have been for sale since the end of 2015 “with potential buyers of the site understood to be considering various redevelopment options”.

According to Debra Singh, retail chief executive of Fantastic Holding said that “winding down” the Le Cornu brand in Adelaide and the investment in other the group’s other brands was “the right strategic choice”. Fantastic Furniture, Plush, Dare and Original Mattress Factory are the group’s other brands.

Fantastic Holdings said that Adelaide’s furniture retail market faced extreme competition which prompted them to consider “ownership options” before the expansion of Le Cornu brand interstate. The company said that Le Cornu had underperformed to its expectations since its acquisition in 2008. The Le Cornu business had “deteriorated”, incurring looses of about $4 million.

The Le Cornu brand was founded by Phillip Joshua Le Cornu in 1861 in Adelaide. The brand Le Cornu will continue trade in Darwin.