FCO - Fishing Camping Outdoors - is to close its 13 New Zealand stores after operating in the country for just over three years.
In reporting its financial results today Australian owner, Super Retail Group, said it wants to cease FCO's operations this financial year, which ends in June.
"A review of the FCO business has identified that while a number of improvement opportunities exist the business is unlikely to be able to achieve the group's return on capital targets within a reasonable time period. It has therefore been decided to move towards ceasing operations this financial year," Super Retail Group said in a presentation to investors.
The listed Australian company has booked a A$20 million restructuring costs for the closure of the business.
Super Retail Group also owns Super Cheap Auto and other outdoor retail chains in Australia, called Boating Camping Fishing. It reported a half year profit of A$33.6 million, down 45.5 per cent.
Australian outdoor retail chain Mountain Designs also shut down its New Zealand stores last year.
A FCO senior employee in New Zealand was not immediately able for comment on what the announcement meant for the stores workers.
A woman who answered the phone at an FCO Auckland store could not comment when asked if workers had been told of the news.