Skechers help quadruple online sales for Accent Group, stores to re-open

Skechers help quadruple online sales for Accent Group, stores to re-open

The company that owns the Australia-New Zealand distribution rights to footwear brands like The Athlete's Foot, Stylerunner, Skechers, Vans and Dr. Martens believes the Covid-19 pandemic has sparked a "seismic" shift in consumer habits, following a massive spike in online spending. In late March around 4,200 employees at&nbs...

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Spirit of Tasmania moves Victorian home to Geelong

Spirit of Tasmania moves Victorian home to Geelong

The company that runs the ferry line Spirit of Tasmania has announced plans to move its Victorian operations in a bid to avoid congestion, expand its freight offering and improve the passenger experience. TT-Line Company has announced operations will move from Station Pier, Port Melbourne to Corio Quay, north of Geelong. The new ...

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Aviation expert: Virgin's demise an opportunity for innovation

Aviation expert: Virgin's demise an opportunity for innovation

The fate of Virgin Australia (ASX: VAH) may be in the hands of administrators, but an aviation expert from the University of South Australia believes strong interest from investors like Wesfarmers (ASX: WES) and the Macquarie Group (ASX: MGQ) means the story is not all doom and gloom. UniSA aviation industry expert, Associate Profess...

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Webjet raises too much money

Webjet raises too much money

The global tourism industry may be stagnant, but travel company Webjet (ASX: WEB) has made the financial equivalent of an overbooking in its latest capital raising. The Melbourne-based travel services aggregator received so many applications for a top-up facility that it will now have to give back $14.5 million in refunds. After excee...

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Carsales.com stands down staff as transactions dip

Carsales.com stands down staff as transactions dip

Carsales.com (ASX: CAR) has temporarily stood down around 250 employees in Australia as social distancing measures take their toll on sales volumes across the country. Most of these stand downs have been on a partial basis for external customer-facing roles where activity has been impacted due to coronavirus-related restrictions from...

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Bumper harvest for Australian Vintage leaves a profitable aftertaste

Bumper harvest for Australian Vintage leaves a profitable aftertaste

The company behind wine brands from McGuigan to Passion Pop is expecting a bumper profit off the back of an increased grape yield. Adelaide-based Australian Vintage (ASX: AVG) today reports it has crushed 101,400 tonnes of grapes from the 2020 vintage compared to 83,000 tonnes last year. As a result, the company is expecting its profi...

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Myer brings back 2,000 staff as online sales surge

Myer brings back 2,000 staff as online sales surge

Department store Myer (ASX: MYR) has today announced a four-week extension of its temporary store closures, but the news came with a silver lining. Following the Federal Government's social distancing measures, Myer has opted to keep its physical stores shut until at least 11 May but has a view to reopening "as soon as possible&q...

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Voluntary administration isn't a death sentence for Virgin Australia or for competition

Voluntary administration isn't a death sentence for Virgin Australia or for competition

With its plea for a A$1.4 billion government loan rebuffed, Australia's second major airline has entered voluntary administration. Virgin Australia's chief executive, Paul Scurrah, said the decision to appoint external administrators (from Deloitte) "was about securing the future of the Virgin Australia Group and emerging on ...

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Former Swisse CEO to head up cannabis leader Elixinol

Former Swisse CEO to head up cannabis leader Elixinol

The former head of Swisse Wellness Oliver Horn (pictured) has been appointed as the CEO of Australia's leading cannabis company Elixinol (ASX: EXL). Horn's experience with the vitamin giant will serve him well at Elixinol, a cannabis stock specialising in cannabidiol dietary supplements and topical products. The appointment is...

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Virgin Australia receives interest from "extraordinary number" of potential backers

Virgin Australia receives interest from "extraordinary number" of potential backers

The administrator charged with turning the fortunes of embattled airline Virgin Australia (ASX: VAH) says the intent is to "run hard" to avoid a protracted restructuring process. Deloitte administrator Vaughan Strawbridge (pictured) says there is a "good sophisticated group of interested parties" in the airline wh...

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Metcash embarks on $330 million equity raise

Metcash embarks on $330 million equity raise

Wholesaler Metcash (ASX: MTS) hopes to raise $330 million to pay off debt despite its retailers performing well in the Covid-19 economy. The company behind major Australian retailers like IGA, Mitre 10, and Cellarbrations, intends to repay $292 million of net debt from the $300 million placement that will be offered to institutional inves...

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NAB earnings take $1.1 billion hit

NAB earnings take $1.1 billion hit

First half earnings at National Australia Bank (ASX: NAB) will take a $1.1 million negative impact after tax due to factors including customer remediation a drop in value for its investment in MLC Life. The lion's share of the impact comes from applying software capitalisation policy that lifts the minimum threshold at which software ...

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Flight Centre founders see shareholding drastically diluted

Flight Centre founders see shareholding drastically diluted

Flight Centre's (ASX: FLT) proposed $700 million raise was always going to result in a major dilution of ownership for shareholders, but the impact on the company's founders has been severe. Prior to the raise, which ultimately saw the company issue around 78.1 million new shares at a 27.3 per cent discount, the Flight Centre...

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Harris Scarfe sold to Spotlight Group

Harris Scarfe sold to Spotlight Group

Australian department store chain Harris Scarfe has been sold to Spotlight Group, leaving unsecured creditors in the lurch. A deed of company arrangement (DOCA) has been agreed upon by creditors which will see Harris Scarfe continue to trade under the ownership of Spotlight Group, the parent company of craft retailer Spotlight and outdoor...

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Bapcor launches $210 million capital raise

Bapcor launches $210 million capital raise

Car parts retailer Bapcor (ASX: BAP) is raising $210 million in an effort to reduce debt and build a cash foundation to see the Covid-19 crisis through. The fully underwritten institutional placement of $180 million and a non-underwritten share placement plan of $30 million will be used to reduce the company's net debt position. F...

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Aussie Disposals enters administration, 11 stores to close

Aussie Disposals enters administration, 11 stores to close

Australian camping store chain Aussie Disposals appointed voluntary administrators yesterday after bearing the brunt of shopper impacts from bushfires and the Covid-19 crisis. A notice filed with the Australian Securities and Investments Commission (ASIC) shows the company appointed Melbourne-based administrators Magnetic Insolvency....

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Bubs sales surge in March quarter

Bubs sales surge in March quarter

Goat's milk formula producer Bubs Australia (ASX: BUB) continues to herd in more consumers with its expanded range of products and channels, delivering 67 per cent year-on-year sales growth in the third quarter. The $19.7 million revenue figure also represents 36 per cent growth on the December quarter, while operating cash flow was p...

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Smiles Inclusive CEO Tony McCormack steps aside

Smiles Inclusive CEO Tony McCormack steps aside

Smiles Inclusive (ASX: SIL) CEO Tony McCormack (pictured below) has resigned within a week of the embattled dental company announcing the majority of its workforce had been stood down. With most dental practices closed on an "on call" basis, the company was already struggling with cash flow problems prior to the Covid-19 outbrea...

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Sales rise for Afterpay as online drives growth

Sales rise for Afterpay as online drives growth

Shares in Afterpay (ASX: APT) are up 26 per cent today after the buy-now-pay-later (BNPL) powerhouse reported March was its third-highest underlying sales month on record, up 12 per cent on January and February. The group claimed it was "difficult to identify any sustained trends" in any region as a result of Covid-19 impac...

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Funeral operator InvoCare to raise $150 million

Funeral operator InvoCare to raise $150 million

InvoCare (ASX: IVC) is set to raise $150 million to strengthen its balance sheet as social distancing measures impact its memorial services business. The net proceeds of the raise will be used to reduce net debt and increase liquidity to support the business during the Covid-19 financial crisis. The placement will be conducted at $10....

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