National

Tens of thousands of Australian jobs were shed today as businesses plan for losses stemming and set to come from the COVID-19 led economic slow-down, now expected to be a global recession. Mosaic Brands – which controls Autograph, Katies, Millers, Noni B, Rivers and Rockmans, amongst other national marques – announced it would stand down

Public auctions and inspections will be temporarily banned following a national cabinet decision earlier tonight. Service based retailers including beauty therapists, nail salons and tattoo parlours will also be forced to cease trading when social distancing measures come into effect at midnight, Wednesday March 25. Hairdressers can continue to operate provided clients stay a maximum

Citing the difficulty operating its business given social distancing rules, Michael Hill has shut its global network of 304 jewellers indefinitely and let go of 1600 Australian staff. In an Australian Stock Exchange statement, the Brisbane based company said sales have recently been plummeting. The retailer hasn’t traded since last week in Canada – where

Spotlight Group has pulled Harris Scarfe out of receivership. The Melbourne based, family-owned Spotlight acquired the 170-year old Adelaide-founded department store chain today. Spotlight was shortlisted with three parties by administrator, Deloitte’s Vaughan Strawbridge. Harris Scarfe entered voluntary administration in December, 2019, with 21 outlets across five states closed in January. The retailer now employs

Homewares retailer ISHKA was placed into voluntary administration today. Established in Melbourne’s Glen Iris 49 years ago – the family owned chain employs 500 people and trades from 60 stores. ISHKA owner Tony Darvall said the decision follows a “catastrophic Christmas and summer” of trade. “We realised everything wasn’t right, so we’ve been flat out

It was hoping to hit the ground running – taking on Aldi, Coles and Woolworths – but Kaufland in Australia has crashed before it even took off. The retailer announced this morning that it would cancel its local expansion plans to focus on European operations. The decision comes 20 months since the group appointed Julia

Jeanswest’s Australia arm is the latest retailer to enter voluntary administration. The casual and maternity clothing company, founded by flamboyant Perth businessman Alistair Norwood in 1972, employs 988 staff and operates out of 146 stores nationally. In 2017 Jeanswest’s local division was acquired by a private Hong Kong company, Howsea Limited, which notes Charles Yeung

Charter Hall (CHC) is paying petroleum giant BP Australia Pty Limited $840 million for a 49 per cent stake in 225 convenience retail assets. The $1.7 billion portfolio consists of the majority of BP’s owned investments of this type, nationally. It has a weighted average lease expiry (WALE) of 20 years (most of the rental

Harris Scarfe – one of South Australia’s oldest retail chains – entered voluntary administration today after being put into receivership by a creditor. The move comes less than a month after the company traded to Allegro Funds, a Sydney-based private equity firm known to turn around struggling businesses. In that deal, for an undisclosed sum,

Valuation and advisory firm Landmark White has rebranded as Acumentis. The new name is derived from two Latin words, it described: acumen, meaning insight and sharpness; and mentis, which involves having sound mind, memory and understanding. Australia’s only independent, locally-owned, ASX-listed valuation company – Acumentis had a horrible year, with two data breaches resulting in

Women’s fashion brand Bardot, which is headquartered in a historic Abbotsford warehouse on the banks of Melbourne’s Yarra River, has entered voluntary administration. The clothes maker and retailer employs about 800 staff and trades from 72 Australian stores. Its competitors include local outfits Witchery, Sportsgirl and Country Road – as well as international brands, H&M

The world’s first KFC drive-thru only restaurant opened in the New South Wales regional town of Newcastle on Wednesday. Built on a site the business owns at 80 Lambton Road, Broadmeadow, the concept store is branded Kentucky Fried Chicken. This represents a marketing back-flip: the fast food chain renamed itself KFC globally about 30 years

ESR Cayman Limited (ESR) has announced a deal with China Merchants Capital Investments Co Ltd (CMC) to seed a $350 million real estate platform focused on developing and owning Australian logistics investments. The new mandate will be known as the ESR Australia Logistics Trust (EALT). Hong Kong-headquartered ESR will half-fund EALT, using its existing balance