Woolworths is resisting pressure to offload BIG W even though the chain will lose another $150 million this year as it battles to fix basic processes and overcome perceptions the format is “dated and dormant”.
Woolworths slashed prices on more than 2000 products at BIG W in 2017 by an average 20 per cent in an attempt to reverse declining sales and has flagged further price investment in 2018 in an attempt to restore customer trust in its prices.
The investment in 2017 took a massive toll, with losses blowing out to $151 million, and Woolworths warned of similar losses in 2018, taking the red ink over three years to more than $315 million.
Sales fell 5.8 per cent to $3.6 billion as BIG W lost share to Wesfarmers’ Kmart, cost …
Read the full article at: http://www.afr.com/business/retail/woolworths-struggles-to-turn-around-dated-and-dormant-big-w-20170823-gy28ls
- More than 30 construction companies in Queensland have collapsed this year.
- A new report into the risk of further failures puts another 444 building businesses at high to severe risk of failure in the next 12 months.
- An apartment glut and loss of Chinese investors are believed to be factors.
A Brisbane-based construction company linked to a massive Chinese building business is on the brink of collapse in another sign that Queenslands building industry is struggling.
Rimfire Constructions had its building licence cancelled by the Queensland Building and Construction Commission (QBCC) in July and is currently seeking a court-approved scheme of arrangement to pay its creditors aft…
Read the full article at: https://www.businessinsider.com.au/hundreds-of-queensland-building-companies-are-at-high-risk-of-failure-2017-8
Recent recorded challenges of large retailers such as Edcon, Stuttafords, House of Busby, Mango and others could be examples. A number of global and seasoned retailers have entered SA in recent years, particularly in the apparel market, including Zara, H&M, Cotton On and other more upmarket clothing retailers. This has put some local firms under severe stress.
While Edcon avoided filing for business rescue by opting for a nonformal restructuring, it is well-documented that it had been experiencing cash-flow problems for a while. On the other hand, Stuttafords held on to the last minute to file for business rescue, and even then it seemed a tad too late to avoid an inevitable wind-up. The hor…
Read the full article at: https://www.businesslive.co.za/bd/opinion/2017-08-23-swiftly-filing-for-business-rescue-is-vital-for-avoiding-actual-failure/
A MEGA list of items are up for auction after an end of lease liquidation.
The company was based in Paget, but 12 months ago, shifted their business strategy from mining to solar energy. However, when they moved from the mining sector they were still bound by a lease – until now.
Mackay online auctioneer company ab SELLERS, which went live in March is selling the remaining items from the location.
Electrical contractors will be best suited to get online, with a range of products available – including electrical fittings and hardware.
Shipping containers are also available as well as work benches and office furniture and equipment.
“Our job is to get the best return for the seller, however in this case it is liquidation and the majority of …
Read the full article at: https://www.dailymercury.com.au/news/mega-list-of-items-at-liquidation-auction-bonanza/3215644/
The August reporting season has hit warp speed, with more than 50 companies trotting out either full or half year results.
Key points:
- Disappointments dominate the busiest day of reporting season
- ASX200 results biggest profit: Woolworths $1.5bn biggest loss: Vocus $1.5 billion
- ASX200 results biggest gain: A2 Milk +5pc Biggest loser: Healthscope -15pc
Woolworths delivered the biggest profit of $1.5 billion after bouncing back from last year’s heavy loss.
Despite on-going problems with Big W and disappointing underlying earnings, …
Read the full article at: http://www.abc.net.au/news/2017-08-23/results-iag-worley-parsons-vocus-apa/8834138
Cavalier Corp sank back into the red after the overhaul of the wool carpet maker’s operations proved more expensive and more prolonged than expected, raising flags over the company’s ability to keep operating as a going concern.
The Auckland-based company posted a loss of $2.1 million, or 3.1 cents per share, in the 12 months ended June 30, turning around a profit of $3.1 million, or 4.5 cents a year earlier. The bottom line was weighed down by a 40 percent jump in restructuring costs to $6.3 million as Cavalier shut down factories and laid off staff to consolidate its operations. That rationalisation limited Cavalier’s product range and meant it could meet customer demand, primarily in Australia.
“While the decision to consolidate…
Read the full article at: https://www.nbr.co.nz/article/cavalier-sinks-red-restructuring-costs-mount-wool-prices-slump-b-206828
What insight into the future of Arrium in Whyalla can be drawn from looking at Liberty Steel’s operations in Scotland?
The British company, run by billionaire entrepreneur Sanjeev Gupta, is revitalising the South Australian steelworks after they went into voluntary administration.
ABC Radio Adelaide‘s Sonya Feldhoff was recently given the opportunity to tour one of Mr Gupta’s acquisitions in Scotland.
In April 2016, Liberty House Group part of Mr Gupta’s GFG Alliance took over the mothballed Dalzell plate mill in Motherwell and Clydebridge plant i…
Read the full article at: http://www.abc.net.au/news/2017-08-23/inside-sanjeev-gupta-librety-house-scottish-steel-mill/8833636
Cavalier Corp sank back into the red after the overhaul of the wool carpet maker’s operations proved more expensive and more prolonged than expected, raising flags over the company’s ability to keep operating as a going concern.
The Auckland-based company posted a loss of $2.1 million, or 3.1 cents per share, in the 12 months ended June 30, turning around a profit of $3.1m, or 4.5 cents a year earlier. The bottom line was weighed down by a 40 per cent jump in restructuring costs to $6.3m as Cavalier shut down factories and laid off staff to consolidate its operations. That rationalisation limited Cavalier’s product range and meant it could meet customer demand, primarily in Australia.
“While the decision to consolidate was necess…
Read the full article at: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11909412
FIVE extra fields, lighting, a new clubhouse and seating are all part of a 10-year master plan for Magpies Sporting Club as it prepares for rapid expansion due to the changing demographic of Mackay’s sporting community and the impending start of a new state team.
The Magpies Crusaders United are preparing to debut in the National Premier League for the 2018 season, and work is underway at Magpies Sporting Club on its $12million master plan.
The full plan was revealed at a community meeting, which included representatives from football clubs across the region.
Magpies Sporting Club general manager Lee Skerman said the master plan was not just about football, but was part of the club’s expansion after years of being operated in voluntary a…
Read the full article at: https://www.dailymercury.com.au/news/mega-12m-expansion-revealed-for-mackay-sports-club/3215424/
Macys, Inc. announced several changes intended to improve the companys performance, including the hiring of Hal Lawton as president, the creation of a single simplified merchandising organization and an enhanced focus on the companys data analytics capabilities.
Hal Lawton Named President of Macys
Hal Lawton has been named president of Macys, effective Sept. 8. As president, Lawton will be responsible for all aspects of the Macys brand, including merchandising, marketing, stores, operations, technology, and consumer insights and analytics. He will report to Jeff Gennette, Macys, Inc. chief executive officer. Lawton has strong technology and digital expertise and was most recently senior vice president, eBay North America. He spent…
Read the full article at: http://multichannelmerchant.com/ecommerce/macys-inc-announces-new-president-and-restructuring-plans/