The company has stores in the UK, Australia and Africa.
TFG, which owns Phase Eight, Hobbs and Inside Story in the UK, closed 85 stores in its Africa portfolio that were no longer “economically viable” in the 21 weeks ended August 22.
It opened 25 new stores over the same period.
Now, TFG plans to close 180 more stores in its Africa portfolio over the next three financial years.
The company said 80 stores are expected to close during the 2027 financial year, while 100 stores projected to shut over the following two financial years.
“This consolidation is expected to enhance both profitability and return on capital,” the company said in a trading update.
TFG clothing brands in its South African operation include Foschini, Sportscene and Markham.
Globally, TFG said that consumers are expected to remain under pressure in the near term.
Management plans to continue to focus on growing online penetration.
TFG London was impacted by the continued weak UK economy. The company said the backdrop continues to be heavily promotional driven.
In Australia, the arm faced increasingly difficult trading conditions with high inflation and interest rates impacting the consumer.
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