Kathmandu to close Australian retail network

Kathmandu to close Australian retail network

Following in the footsteps of fellow listed retail groups Kathmandu (ASX: KMD) will be shutting down its Australian store network from 5pm today. Kathmandu, which also owns surf brand Rip Curl and footwear retailer Oboz, says the closures are the result of social distancing measures imposed by the Government. As such, retail store and...

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Administrators to close all Colette by Colette stores

Administrators to close all Colette by Colette stores

Voluntary administrators steering the fortunes of retailer Colette by Colette Hayman (CBCH) have opted to close the company's remaining 93 stores in Australia, putting health first in response to the Covid-19 pandemic. The closures will affect 210 permanent staff as well as casuals, who were all advised today that business would ...

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Bauer Media's $40m Pacific Magazines acquisition greenlit by watchdog

Bauer Media's $40m Pacific Magazines acquisition greenlit by watchdog

Bauer Media's proposed $40 million acquisition of Seven West Media (ASX: SWM) owned Pacific Magazines has received regulatory approval from the Australian Competition and Consumer Commission (ACCC). The ACCC has decided the merger of the two businesses is not likely to substantially lessen competition in the magazine market. In De...

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6,000 Flight Centre staff stood down, 35 per cent of stores to close globally

6,000 Flight Centre staff stood down, 35 per cent of stores to close globally

Travel agency Flight Centre (ASX: FLT) will stand down 30 per cent of its global workforce, including 3,800 Australian employees, as the tourism sector languishes in limbo. Covid-19 has had a dramatic effect on the global tourism sector, with many countries closing borders to help slow the spread of the coronavirus. Flight Centre has ...

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Lovisa closes all stores in Australia, NZ and South Africa

Lovisa closes all stores in Australia, NZ and South Africa

Jewellery retailer Lovisa (ASX: LOV) has now closed the majority of its 400 stores worldwide in response to the government's containment measures against Covid-19. The company announced today it had temporarily closed all its stores in Australia, New Zealand and South Africa. The move follows decisions in France, Sp...

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Guidance withdrawn at AMP, Dexus Property Group

Guidance withdrawn at AMP, Dexus Property Group

Financial services giant AMP (ASX: AMP) and commercial and industrial property owner Dexus Property Group (ASX: DXS) are the latest ASX100 companies to withdraw their guidance due to uncertainty surrounding Covid-19. In a release today, AMP explained its capital position and liquidity remained strong while its three-year transformational ...

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InvoCare shares plunge on funeral limits

InvoCare shares plunge on funeral limits

Funeral home operator InvoCare (ASX: IVC) is dead set on not letting last night's new social distancing measures be the nail in the coffin for business. As part of the government's wide-reaching restrictions, funerals will not be allowed unless there are no more than 10 people in attendance and only one person per four square metr...

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Star Entertainment Group stands down 90 per cent of workforce

Star Entertainment Group stands down 90 per cent of workforce

Covid-19 gathering restrictions have forced Star Entertainment Group (ASX: SGR) to temporarily stand down 90 per cent of its 9,000 strong workforce. The impact of social distancing measures announced by the Federal, New South Wales, and Queensland Governments forced Star to close its gaming facilities, and food and beverage, banqueting an...

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Cochlear announces $800 million capital raise to ride out market uncertainty

Cochlear announces $800 million capital raise to ride out market uncertainty

Australian hearing implants business Cochlear (ASX: COH) hopes to raise $800 million to ensure it remains strongly capitalised during the economic fallout of Covid-19. Many elective surgeries, including Cochlear's own implant surgeries, have been deferred as hospitals around the world ramp up treatment efforts for the novel coronaviru...

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Australian manufacturers heed the call for hand sanitiser supply

Australian manufacturers heed the call for hand sanitiser supply

One of the most in-demand products during the Covid-19 pandemic has been hand sanitiser. While we are regularly told there is enough supply of the stuff to go around for us all, that hasn't stopped panic buyers from purchasing hand sanitiser in bulk, leaving supermarkets with no supply but heightened demand. Australian manufacture...

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ACCC authorises supermarket coordination measures to ensure supply

ACCC authorises supermarket coordination measures to ensure supply

With panic buyers and hoarders clearing our supermarket shelves, the competition watchdog has authorised supermarkets to coordinate on ensuring consistent and reliable supply. The Australian Competition and Consumer Commission's (ACCC) interim authorisation will allow supermarkets to coordinate with each other when working with manufa...

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Michael Hill to shut down entire store network

Michael Hill to shut down entire store network

Jewellery retailer Michael Hill (ASX: MHJ) will close all stores in Australia and New Zealand indefinitely as consumer sentiment nosedives. In a statement to the ASX Michael Hill says the current conduct of its business is not in line with social distancing guidelines, and immediately shutting down its physical store network is in the bes...

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Rex cuts routes in half for survival

Rex cuts routes in half for survival

Within two days of claiming it would go bust in six months without government intervention, Regional Express (ASX: REX) has announced a 45 per cent cut to its capacity including the suspension of three routes. The move comes after chief operating officer Neville Howell penned an open letter to Deputy Prime Minister Michael McCormack on We...

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Secret suitors interested in buying entirety of AAP

Secret suitors interested in buying entirety of AAP

Though details are very much under wraps, AAP has confirmed it is in early talks with a potential buyer of the entire business. In a letter to staff and AAP subscribers general manager of Medianet and AAP Directories Sarah Higgins confirmed the company has received approaches from several potential suitors interested in buying the whole b...

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KFC closes in-restaurant dining

KFC closes in-restaurant dining

KFC restaurant operator Collins Foods (ASX: CKF) has announced in-restaurant dining areas will be closed in a bid to slow down the spread of the coronavirus Covid-19. The company says it will immediately shift its focus to take-away, drive-thru and delivery - three areas that already account for around 80 per cent of sales. CKF explai...

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Select Harvests reports 40 per cent jump in almond shipments

Select Harvests reports 40 per cent jump in almond shipments

After being slammed at the end of February when Chinese importers shut up shop due to coronavirus concerns, almond producer Select Harvests (ASX: SHV) is back on the wagon. The company hopes to take advantage of favourable market conditions as its 2020 harvest progresses. The Australian January export shipment report released by the A...

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Murray River Organics scores major supermarket deal

Murray River Organics scores major supermarket deal

Just over one month after launching a $25 million capital raise, dried fruit company Murray River Organics (ASX: MRG) has scored a major deal with an Australian supermarket. The company has secured two new contracts worth approximately $15 million over two years with an unnamed Australian supermarket retailer. MRG CEO Valentina T...

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Cochlear and oOh!media withdraw guidance

Cochlear and oOh!media withdraw guidance

Hearing implants business Cochlear (ASX: COH) and billboard advertising group oOh!media (ASX: OML) have joined the growing list of companies withdrawing guidance due to coronavirus-related uncertainty. With healthcare providers either fast-tracking elective surgery or putting it on hold to shore up capacity for Covid-19 patients, many cou...

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A perfect storm forces kikki.K into receivership

A perfect storm forces kikki.K into receivership

What began as a dream for kikki.K founder Kristina Karlsson (pictured) could be coming to an end as the Australian retailer falls into receivership. The stationery retailer is the latest company to face potential collapse with receivers Cor Cordis being appointed on Tuesday. "It is with profound regret and sadness that we take th...

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Country Road, Apple exits cut back Myer sales

Country Road, Apple exits cut back Myer sales

Department store Myer (ASX: MYR) has shown promising signs in the first half of FY20, but its achievements were overshadowed by the exit of major brands and a disappointing performance in womenswear. Myer chief executive John King says a 3.8 per cent reduction in sales to $1.6 billion can be explained by several factors including a c...

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