The receivers and managers of the sunken retailer Cue Clothing have chosen to close down five underperforming stores just three days into its receivership.

This comes six days before the first planned meeting of creditors, at which a team from FTI Consulting and administrators BDO will outline the company’s future prospects.

Cue Clothing was placed into receivership and voluntary administration on September 15 following a failed sales process by UK-based owners Hilco Capital. The 51-store owner of Cue and Veronika Maine lost both its CEO and CFO during the troubled sales process.

“A difficult decision has been made to close five stores across the network, which the receivers believe is in the best interest of the businesses as a going concern,” receivers FTI Consulting said in an update. 

“The five stores are Woden Cue, Parramatta Cue, Mosman Veronica Maine, Melbourne Central Cue and Armadale Cue.  No concessions are included in the closures.”

The receivers are looking at ways to re-deploy staff across the Cue Clothing network, they added.

The Australian Financial Review (AFR) reports that Myer, Brand Collective and the Oroton Group have emerged as potential buyers of Cue Clothing, with the latter two both said to have conducted primary due diligence on a potential acquisition.

Cue’s revenues grew from $98 million in fiscal 2024 to $103.2 million in 2025, while the loss narrowed from $14.1 million to $5.1 million. Hilco, however, deemed these sales to be “insufficient”.