Fashion brand Morrissey is the latest victim of the financial crisis as it announced the closure of all its stores.

The four stand-alone stores are located at Westfield Bondi Junction, Paddington, and Sydney Central Plaza in NSW, and Melbourne Central Plaza in Victoria.

Current owner Webster Holdings, which purchased Morrissey in 2006, blamed the current economic climate for the closures.

"The decision to close the stores has not been taken lightly and a number of alternative solutions were considered. However unfortunately in the current economic climate it is no longer viable for the Morrissey stores to continue to operate," said brand business manager Paula MacKenzie in a statement.

"Unfortunately, we could not have foreseen the severity of the global economic crisis and the impact this would have on the Morrissey brand. Morrissey will continue licensing ventures and seek further opportunity in licensing," she said.

To minimise redundancies, the company will aim to relocate staff to other brands owned by Webster including Jigsaw and David Lawrence.