NATIONAL: Surf and skatewear brand Globe International is set to wind back its Australian retail operations. Poor international trading conditions have forced the company to close several underperforming stores throughout the country.
The closures are part of a new cost-cutting initiative aimed at preparing for a further downturn in conditions over the next 12 months. The company has shut stores operating under its PSC Skateboarding arm, which it purchased in mid 2006.
Globe International reported a $24.6 million loss in the 2008 financial year.