00:00G'day customers. As you've heard, Lincraft is closing. This is very sad news and I must
00:07say I need to thank our team and you, the customer, for giving us so much support over
00:13the years.
00:13Craft and fabric chain Lincraft has announced it will close its remaining 29 physical stores
00:19in Australia and New Zealand. The retailer has been operating in Australia for more than
00:2480 years. The company will shift its business model to entirely online sales, resulting
00:30in roughly 300 staff being affected by the move. The company began as a market stall in
00:36Melbourne in 1938, before it was eventually purchased and operated in 2005 by current owners
00:43Brian Swirsky and John Maguire.
00:45It's sad for the staff because our staff are incredibly loyal. They do a marvellous
00:50job in supporting the business. And it just means that over the next number of months,
00:56they'll all, unfortunately, be made redundant. But the good news is, is the business isn't
01:03broke in the sense that we've got receivers coming in. The business will trade and everybody
01:08will get their entitlements and we're working very closely with our team and supporting them
01:13through that process.
01:14.
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