Iconic Australian retailers including Rip Curl and Kathmandu have announced they will shut down at least 14 stores nationwide after their parent company KMD experienced a massive annual loss of $105 million following a woke stunt which sparked outrage.

The parent company of Rip Curl and Kathmandu, KMD Brands posted a mammoth statutory annual loss of $NZ93.6 million ($A105 million), the business’s most disastrous result in more than a decade.

The immense loss was far larger than that registered in 2024, which saw KMD Brands incur a statutory loss of $25.12m million and an underlying loss of $980,000.

The company, which has not paid its shareholders a dividend since 2023, said it once again would not provide its investors with a payment and that it was enacting specific measures to boost

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