New Zealand menswear retailer Munns The Man's Store is set to close after more than 100 years in business.
Wally Wilson, who has operated the Christchurch branch for about seven years says the reason is simple: "if you can't make money, don't keep going".
The business was founded in Christchurch by Ernest Munns in 1918 after World War I.
The company has struggled to adapt to an increasingly globalised market where consumers are turning more and more to online shopping.
Mr Wilson said it also faced significant pressure from huge overseas retailers which have made their way to New Zealand, including H&M, Zara, Topshop and more.
He described them as "category killers".
There are six branches around the country, and all will shut their doors, with about 60 jobs lost.
Mr Wilson thanked customers who had been to Munns over the years.
"Thank you for your support and we really do, and have appreciated it."