Footwear and fashion conglomerate Accent Group has decided to cease the operations of Glue Store.
The Australian company confirmed the news in a trading update today, saying the Glue business will be wound down or sold. All 16 remaining Glue stores are planned to be closed or transitioned by the end of the fourth quarter of FY26.
In H1 FY26, Glue recorded an EBIT loss of $8.4 million, inclusive of provisions for closure.
This comes alongside the wind-down of MySale.
According to Accent Group, its pre-AASB16 earnings before interest and tax (EBIT) – excluding leases – include non-recurring items of $16.2 million, with that comprising of $9.7 million of trading losses for both MySale and Glue businesses.
It also includes an asset impairment charge of $3.1 million for Glue retail stores, provision for write-down of Glue inventories of $1.5 million, MySale inventories of $1.56 million, and provision for MySale redundancy of $196,000.
“The group determined that an impairment test was required for Glue stores for the half-year ended 28 December 2025, given the performance during the period,” Accent Group shared in its half year report. “An impairment charge of $3,169,000 was recognised during the half-year ended 28 December 2025.
“The Glue stores were tested for impairment based on their respective Fair Values Less Costs of Disposal (FVLCD) (Level 3 fair values in the fair value hierarchy). The impairment assessment was based on assumptions and estimates to determine the FVLCD, which included the potential outcomes for each store, taking into consideration lease expiry, ability and estimated costs to exit the lease or transition the lease to other brands.
“Subsequent to the reporting period, the Group made the decision to close the remaining 16 Glue stores and exit the Glue business.”