Another tough week for brick and mortar retail. 

Outdoor goods retailer KMD Brands, who owns the likes of Kathmandu and Rip Curl, has announced the closure of 21 stores across its network. 

It’s making the move in an effort to turn around struggling sales and find $25 million in cost savings. 

Chairman David Kirk told Mike Hosking that it’s a tough environment for all businesses, but discretionary retail is being hit hard. 

He says people have to buy food, and if a kitchen appliance breaks you have to replace it, but people don’t have to go out and buy an insulation jacket, or a raincoat, or a wetsuit. 

“In difficult times, people hang onto their money.” 

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