MORE than 1000 people are set to lose their jobs as 140 outlets in the Colorado clothing group close in a major restructure.
The receivers of the Colorado Group, Ferrier Hodgson, say 100 underperforming Colorado stores in Australia will shut, along with nine Colorado stores in New Zealand, 21 Williams stores, seven Mathers stores, two JAG stores and one Diana Ferrari store.
Ferrier Hodgson's Brendan Richards said 1042 people would lose their jobs.
"The restructure of the group would eliminate the loss-making Colorado-branded stores and those other stores impacting on the profitability of the group," Mr Richards said in a statement today.
"The remaining brands and stores are all profitable and would form the cornerstone of the future business."