Go-Lo Wollongong shutting up shop

The Wollongong Go-Lo store will close for good on Sunday afternoon, four months after the discount chain was bought by new owners and six months since receivers were appointed to previous owners Australian Discount Retail.It is understood that three management level staff will lose their jobs from the Crown St store closure, while other permanent and casual employees have been told they will be absorbed by other stores also owned by Retail Adventures.The company, owned by Kathmandu founder Jan Cameron, bought the Australian Discount Retail stores Go-Lo, Sam’s Warehouse, Crazy Clark’s and Chicken Feed in March as part of a deal with receiver Ferrier Hodgson.At the time of the sale, Ferrier Hodgson and Retail Adventures released a joint statement saying “the sale guarantees the 2500 permanent and 7500 casual jobs under Australian Discount Retail”.Ms Cameron said at the time: “I am delighted to have the opportunity to invest in such a significant player in the Australian retail market.”This business has a real opportunity to re-establish itself as the leading player in the discount variety sector.”There are scores of Illawarra and South Coast employees linked to the stores, with Go-Los in Wollongong, Warilla and Bowral and Sam’s Warehouses in Wollongong, Shellharbour and Ulladulla.Go-Lo Wollongong is holding a sale to clear their stock and the store is being advertised for lease.The collapse of Australian Discount Retail in January was Australia’s biggest retail collapse in at least five years. The company owed banks $96 million and other creditors more.Retail Adventures is believed to have bought it for around $100 million.
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