National

The COVID-19 led collapse of the travel industry has claimed another 91 Flight Centre stores. The ASX-listed group announced in April it would shut 330 agencies resulting in the loss of hundreds of jobs despite reshuffling. Shortly after, it sold its St Kilda Road headquarters for $62.15 million and undertook a $700m capital raising. Following

Singapore sovereign wealth fund GIC will hold an 80 per cent stake in the ESR Australia Logistics Partnership (EALP) after ESR Australia sold part of its share. The Hong Kong based vendor will retain a fifth. GIC’s interest will increase from 45pc. “The selldown of the remaining 35pc of EALP is in line with the

Qantas is conducting a group wide review of its rented space, particularly corporate offices. The airline is headquartered at a 49,000 square metre facility at Sydney’s Mascot while its Jetstar arm is based in Melbourne’s Collingwood. Property occupied for flight simulator centres – the group again isolating the south eastern capitals – as well as

In its first pure play industrial outlay, the federal government’s Clean Energy Finance Corporation will invest $50 million with Charter Hall’s flagship logistics trust. The green bank has been seeking a foothold into the sector, which chief executive officer Ian Learmonth said contains some 35 million square metres of “largely untapped” roof space – a

Charter Hall Group and Singapore’s GIC are paying $682 million for a 49 per cent stake in 203 Australian petrol stations tenanted to Caltex. The vendor is the convenience retailer which is in the process of rebranding here as Ampol. The property deal has been mooted since last month. The convenience centre operator indicated it

KUBA Investments is making good on its promise to reposition the Napoleon Perdis business it acquired last April – replacing Priceline with David Jones as a key stockist nationally. The chemist, controlled by ASX-listed Australian Pharmaceutical Industries, previously claimed the makeup was one of its best sellers. The product will instead this month be launched

Metcash is expanding its hardware sector presence with a $57 million bid for a 70 per cent stake in middleweight national chain Total Tools. The agreement, which the Australian Competition and Consumer Commission has been reviewing since June 30, allows for the purchaser to buy the balance of the business within four years. If approved,

Wesfarmers will undertake a major restructure of its Target business, close up to 75 stores and re-brand another 92 as Kmart. An announcement today also spells the end of Target Country. The discount department store traded from 289 outlets nationally and employed 13,000 people. A “significant” reduction in the business support office – which only

Bardot is back – but as an online-only store. Five months after entering voluntary administration, chief executive officer Basil Artemides and wife, Carol Skoufis – the designer who founded the brand in 1996 – have re-purchased it. The next era, Mr Artemides said, would focus on selling quality over quantity. However instead of retail outlets,

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