German propulsion and machinery giant MAN Energy Solutions has announced a comprehensive program to secure the future viability of the company. The program includes extensive cost-cutting and restructuring measures that could see almost 4,000 jobs lost. MAN says it is preparing for a long period of stagnant sales as a result of Covid-19, and sees…
Many Aussie retailers are feeling the financial strain and expect to explore restructuring or insolvency options in the next six months, new research from national business recovery and insolvency firm Jirsch Sutherland has revealed. The independent survey of over 1000 SME directors, almost one-fifth of whom are in the retail sector, identified the key sources…
It took two years to build an office for my marketing consultancy, and now, my team might be out of it in a few months. If this seems like an extremely quick pivot, that’s because it is. But what Ive learned as a CEO (and in life in general) is that its important to always…
Downer EDI shares went into a trading halt yesterday to allow the company to start a $400 million capital raising as part of a revamp of the company. Downer said that the revamp includes plans to acquire 100% ownership of Spotless group and plans to sell off capital-intensive businesses like mining contracting and laundry. As…
One of Australias most forward-thinking advisory firms – CEO Strategic -has partnered with a private financier to offer eligible companies financial assistance in restructuring their businesses in the wake of the Covid-19 pandemic. Daniel Fah, a director at CEO Strategic, said, Businesses emerging from the carnage of COVID,having been unable to trade or trading at…
Michael Rowland, a partner in KPMGs consulting division, has left the Big Four to join Westpac where he has been installed as chief financial officer, ending a near six-month job search. The appointment comes six months after Australias second-largest bank revamped its top leadership after last November’s revelations of a major money-laundering scandal that sparked…
Downer is a diversified company with a range of divisions including mining, engineering, construction and transport. It manufactures and maintains trains and trams, builds bridges and maintains power stations. Via Spotless it also has a major asset maintenance, cleaning and laundry management business. Management also updated the market on the company’s 2020 full-year results, forecasting…
July 20, 2020 13:35 ET | Source: Feronia Inc. TORONTO, July 20, 2020 (GLOBE NEWSWIRE) — Feronia Inc. (Feronia or the Company) (TSX-V: FRN) today announces that, further to its announcement on May 22, 2020 and the subsequent third party sale process announced on June 2, 2020, it has today entered into a definitive purchase…
LONDON The Stella McCartney business is retrenching and restructuring in the wake of COVID-19, with the designer herself leading the way. According to a memo penned by chief executive officer Gabriele Maggio, and seen by WWD, the company is planning to lay off some staff; is asking others to reduce their salaries for an extended…
Summary The coronavirus pandemic has hurt countless companies and forced them to rethink on their business strategies and restructuring plans. Amid shrinking demand, stalling of operational activities, and growing uncertainties, several companies took steps to reduce their cost base. At the same time, many divested their non-core asset or non-core business to focus on their…