Why is Bose closing all of its Australian stores?
The tech giant is also shutting shop across North America, Europe and Japan.
In a shock announcement, major electronics company Bose says that it's closing the doors of its brick and mortar stores all over Australia, North America, Europe and Japan.
The move, which will see the closure of 119 retail outlets, comes as Bose moves towards a more online-focused business model to adjust to a "dramatic shift to online shopping".
In a statement, vice president of Bose Corporation Global Sales, Colette Burke said, "Originally, our retail stores gave people a way to experience, test, and talk to us about multi-component, CD and DVD-based home entertainment systems."
"At the time, it was a radical idea, but we focused on what our customers needed, and where they needed it – and we're doing the same thing now. It's still difficult, because the decision impacts some of our amazing store teams who make us proud every day."
The decision will see many employees lose their jobs, though Bose is refusing to cite just how many staff will be affected by the changes. In a global statement, the company said that "outplacement assistance" and "severance" will be offered to those currently working at stores that are marked to close.
Despite the huge number of storefronts shutting up shop, around 130 locations will remain open in China, the United Arab Emirates, India and South Korea.
Bose's announcement comes just two days after it was revealed that fashion retailer Jeanswest had entered into administration. The denim label joins a slate of other stores struggling to keep up with the online shopping market, with Harris Scarfe and Bardot also recently entering into administration.
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