Forum

 
  Back to OzPolitic.com   Welcome, Guest. Please Login or Register
  Forum Home Album HelpSearch Recent Rules LoginRegister  
 

Page Index Toggle Pages: 1
Send Topic Print
Struggling Retail Group To Close 300 Stores (Read 748 times)
whiteknight
Gold Member
*****
Offline


Australian Politics

Posts: 7595
melbourne
Gender: male
Struggling Retail Group To Close 300 Stores
Nov 22nd, 2017 at 7:04am
 
November 21 2017
Sydney Morning Herald


Struggling retail group Specialty Fashion says it will close hundreds of underperforming stores in an attempt to revive the company's fortunes, following a massive shareholder revolt.   Sad

A majority of shareholders (51 per cent) voted against the group's remuneration report at its annual meeting on Tuesday – twice the amount required to register a "first strike" that will put the board at risk of being spilt if there is a protest vote again next year.



The company owns the Millers, Katies, Autograph, Crossroads, City Chic, and Rivers chains.


And 34 per cent of shareholders voted against the re-election of director Michael Hardwick, who is chief financial officer at fellow retailer Cotton On.

Cotton On founder Nigel Austin's private company NAAR is Specialty's biggest shareholder with 20.2 per cent of the group's stock, while Specialty's chief executive Gary Perlstein owns another 9.3 per cent and company co-founder Iam Miller holds another 8.7 per cent.



Top managers at the company, which owns Millers, Katies, Autograph, Crossroads, City Chic and Rivers, received none of their cash bonuses in 2017.

The protest vote comes after Specialty Fashion ran at an after-tax loss of $8.8 million last year, a $2.1 million loss in 2016 and a $4.4 million loss in 2015.


Specialty also issued a profit warning last month, citing difficult market conditions in the first quarter that would see underlying earnings in the first half fall from $30 million last year to between $14 million and $17 million.


Specialty tried to address shareholders' anger by announcing that NAAH's second board representative, Ashley Hardwick, would not stand for re-election at next year's AGM. NAAH currently has 40 per cent of the seats on Specialty's five-person board despite only owning 20 per cent of the company.

On Tuesday the group said it would close about 300 under-performing stores over the next three years, to bring it to a footprint of about 700 outlets.   Sad 

Mr Perlstein, who resigned last week after 14 years in the top job and will retire once a replacement CEO is found, acknowledged shareholders' dissatisfaction. 

"The company has outlined a transformation program that's accelerating the closure of underperforming stores and its other operational initiatives that were explained today, and were well received," he said.   

"And we've got a strong plan vis-a-vis driving continual improvement in the omni channel experience."

Company chairman Anne McDonald said the company's growth strategy was to focus on e-commerce and expanding the wholesale business of the City Chic brand, which has been picked up by US department stores Macy's, Bloomingdale's and Nordstrom.

Ms McDonald said the company had already cut costs by $3.6 million in the first quarter by thinning out its support office, and was undertaking a "comprehensive structural review" of the company to try to improve shareholder value.

Mr Perlstein took home remuneration of $845,100 in 2017, comprised of a $735,985 cash salary, a car allowance and superannuation, the company's annual report shows.

The company has said it would change is remuneration plan so executive pay would be more closely tied to returns to shareholders.

Shares closed down 2.5 per cent at 19¢. The stock has fallen more then 60 per cent over the past year. 
Back to top
 
 
IP Logged
 
Sir lastnail
Gold Member
*****
Offline


Australian Politics

Posts: 29705
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #1 - Nov 22nd, 2017 at 8:47am
 
Forget about it. Amazon is opening tomorrow so this company is toast !
Back to top
 

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
IP Logged
 
cods
Gold Member
*****
Offline


Australian Politics

Posts: 88048
Re: Struggling Retail Group To Close 300 Stores
Reply #2 - Nov 22nd, 2017 at 9:04am
 
Sir lastnail wrote on Nov 22nd, 2017 at 8:47am:
Forget about it. Amazon is opening tomorrow so this company is toast !



Cry Cry Cry Cry Cry

it breaks my heart   so many struggling and along comes a monster from USA  and breaks them once and for all..

we will regret dealing with the Amazons of this world....

but of course it will be far too late for all this little people..

shame Austalians  shame

yes you too crook.. you skite about shopping on line..

in fact you were rubbing your hands at the thought of the Harvey Norman franchises going under.....

as you can see rusty will be celebrating...tomorrow.. Angry Angry
Back to top
 
 
IP Logged
 
Sir lastnail
Gold Member
*****
Offline


Australian Politics

Posts: 29705
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #3 - Nov 22nd, 2017 at 9:19am
 
cods wrote on Nov 22nd, 2017 at 9:04am:
Sir lastnail wrote on Nov 22nd, 2017 at 8:47am:
Forget about it. Amazon is opening tomorrow so this company is toast !



Cry Cry Cry Cry Cry

it breaks my heart   so many struggling and along comes a monster from USA  and breaks them once and for all..

we will regret dealing with the Amazons of this world....

but of course it will be far too late for all this little people..

shame Austalians  shame

yes you too crook.. you skite about shopping on line..

in fact you were rubbing your hands at the thought of the Harvey Norman franchises going under.....

as you can see rusty will be celebrating...tomorrow.. Angry Angry


wait a minute mate. How much of what these bricks and mortar bullshit stores sells is locally produced ? And what happened to the local goods anyway ? Just ask Gerry. He put them out of business sourcing the cheapest sh.t he could find in asia whilst maximizing his greedy profits Sad

We all know the reason why these bricks and mortar stores are failing is because the prices are loaded up to the roof with the shopkeepers take and landlords greedy rent !! And what value or risk does the landlord add to the goods that for all intents and purposes are imported for next to nothing from China or Bungledash ?? Why should the consumer underwrite the greedy shopkeepers or landlord for goods that are fully imported ? What are they adding to the deal that warrants a huge portion of the retail price ?

Back to top
 

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
IP Logged
 
Redmond Neck
Gold Member
*****
Offline


OzPolitic

Posts: 20609
ACT
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #4 - Nov 22nd, 2017 at 9:27am
 
Well someone has to support Gerry Harveys investments in race horses.

Wink
Back to top
 

BAN ALL THESE ABO SITES RECOGNITIONS.

ALL AUSTRALIA IS FOR ALL AUSTRALIANS!
 
IP Logged
 
greggerypeccary
Gold Member
*****
Online


Australian Politics

Posts: 130913
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #5 - Nov 22nd, 2017 at 9:51am
 
Sir lastnail wrote on Nov 22nd, 2017 at 9:19am:
We all know the reason why these bricks and mortar stores are failing is because the prices are loaded up to the roof with the shopkeepers take and landlords greedy rent !!


The rent is a big problem.

And yes, the landlords are extremely greedy.

I personally know two people who have had to shut their businesses in the Perth CBD in the last month, because of greedy landlords.

And, another one told me on the weekend that their landlord is doubling their rent next year, which means they have no choice but to close.

Greedy bastards!
Back to top
 
 
IP Logged
 
Gordon
Gold Member
*****
Offline


Australian Politics

Posts: 20202
Gordon
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #6 - Nov 22nd, 2017 at 9:56am
 
The only one of those retail outlets I've heard of is Rivers. I wandered into one of their shops a year ago and I can highly recommend their clothes if you're going to a 1980s themed fancy dress party.

I'm thinking that could have something to do with it?
Back to top
 

IBI
 
IP Logged
 
cods
Gold Member
*****
Offline


Australian Politics

Posts: 88048
Re: Struggling Retail Group To Close 300 Stores
Reply #7 - Nov 22nd, 2017 at 9:59am
 
Sir lastnail wrote on Nov 22nd, 2017 at 9:19am:
cods wrote on Nov 22nd, 2017 at 9:04am:
Sir lastnail wrote on Nov 22nd, 2017 at 8:47am:
Forget about it. Amazon is opening tomorrow so this company is toast !



Cry Cry Cry Cry Cry

it breaks my heart   so many struggling and along comes a monster from USA  and breaks them once and for all..

we will regret dealing with the Amazons of this world....

but of course it will be far too late for all this little people..

shame Austalians  shame

yes you too crook.. you skite about shopping on line..

in fact you were rubbing your hands at the thought of the Harvey Norman franchises going under.....

as you can see rusty will be celebrating...tomorrow.. Angry Angry


wait a minute mate. How much of what these bricks and mortar bullshit stores sells is locally produced ? And what happened to the local goods anyway ? Just ask Gerry. He put them out of business sourcing the cheapest sh.t he could find in asia whilst maximizing his greedy profits Sad

We all know the reason why these bricks and mortar stores are failing is because the prices are loaded up to the roof with the shopkeepers take and landlords greedy rent !! And what value or risk does the landlord add to the goods that for all intents and purposes are imported for next to nothing from China or Bungledash ?? Why should the consumer underwrite the greedy shopkeepers or landlord for goods that are fully imported ? What are they adding to the deal that warrants a huge portion of the retail price ?






are these thing still made in Australia???>..

as far as I know most manufacturing has gone overseas  because we the consumer  you and I rusty wont pay for Australian made goods.....thats why.?

a few years back book shops went under   there was cheering on here.. it was despicable...jobs gone left right and centre and bragging of buying books on AMAZON.... I remember words like anyone who doesnt buy on line  is a dill........

who do you think

PAYS WAGES  PAYS PENALTY RATES PAYS FOR HOLIDAYS PAYS FOR PUBLIC HOLIDAYS....PAYS WORK COVER PAYS SICK LEAVE PAYS SUPER FUNDING...PAYS INSURANCE PAYS THE RENT PLUS TAXES........


JUST WHO DO YOU EXPECT TO PAY FOR THAT SUNSHINE..... Angry Angry Angry Angry

thats right the consumer......you will find C hina and Ban gladesh dont have penalty rates and work cover..

we cannot compete...do you seriously think this clothing chain wants to close all those doors......


seriously???????>.. Angry Angry Angry

whats this bloke talking  about?


red most harvey norman store are franchises.....I dont begrudge anyone who has put his money where his mouth is and his shoulder to the wheel   to bring us something..

I say thanks mate I could never have done that..

what is it with lefties they seem to begrudge anyone who works hard and takes the risks and flattens them when they appear successful they didnt do anything illegal....whats wrong with you guys....always pulling down tall poppies  no wonder we are now being taken over b y foreign monsters..



Back to top
 
 
IP Logged
 
cods
Gold Member
*****
Offline


Australian Politics

Posts: 88048
Re: Struggling Retail Group To Close 300 Stores
Reply #8 - Nov 22nd, 2017 at 10:01am
 
Gordon wrote on Nov 22nd, 2017 at 9:56am:
The only one of those retail outlets I've heard of is Rivers. I wandered into one of their shops a year ago and I can highly recommend their clothes if you're going to a 1980s themed fancy dress party.

I'm thinking that could have something to do with it?




this is what I mean

put downs  rivers was a family institution  and sold really good well made clothing.....and then they were taken over   why... because people would not pay the price for good quality clothing...its not rocket science.. Angry Angry Angry Angry
Back to top
 
 
IP Logged
 
Sir lastnail
Gold Member
*****
Offline


Australian Politics

Posts: 29705
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #9 - Nov 22nd, 2017 at 10:35am
 
cods wrote on Nov 22nd, 2017 at 9:59am:
Sir lastnail wrote on Nov 22nd, 2017 at 9:19am:
cods wrote on Nov 22nd, 2017 at 9:04am:
Sir lastnail wrote on Nov 22nd, 2017 at 8:47am:
Forget about it. Amazon is opening tomorrow so this company is toast !



Cry Cry Cry Cry Cry

it breaks my heart   so many struggling and along comes a monster from USA  and breaks them once and for all..

we will regret dealing with the Amazons of this world....

but of course it will be far too late for all this little people..

shame Austalians  shame

yes you too crook.. you skite about shopping on line..

in fact you were rubbing your hands at the thought of the Harvey Norman franchises going under.....

as you can see rusty will be celebrating...tomorrow.. Angry Angry


wait a minute mate. How much of what these bricks and mortar bullshit stores sells is locally produced ? And what happened to the local goods anyway ? Just ask Gerry. He put them out of business sourcing the cheapest sh.t he could find in asia whilst maximizing his greedy profits Sad

We all know the reason why these bricks and mortar stores are failing is because the prices are loaded up to the roof with the shopkeepers take and landlords greedy rent !! And what value or risk does the landlord add to the goods that for all intents and purposes are imported for next to nothing from China or Bungledash ?? Why should the consumer underwrite the greedy shopkeepers or landlord for goods that are fully imported ? What are they adding to the deal that warrants a huge portion of the retail price ?






are these thing still made in Australia???>..

as far as I know most manufacturing has gone overseas  because we the consumer  you and I rusty wont pay for Australian made goods.....thats why.?



wait a minute mate. Before the advent of online sales where the consumer had no choice but to purchase from B&M stores where was gerry sourcing his goods from ? These local suppliers went out of business long before the internet and online sales because gerry and co couldn't help themselves to seek out the cheapest goods from asia in order to maximize their greedy profits.

Now it's a bit rich of you to pull out the violins because some greedy B&M store can't compete on price for the same cheap chinese made junk Sad Amazon just does it more efficiently than jewy lewy and his B&M store !!
Back to top
 

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
IP Logged
 
Sir lastnail
Gold Member
*****
Offline


Australian Politics

Posts: 29705
Gender: male
Re: Struggling Retail Group To Close 300 Stores
Reply #10 - Nov 22nd, 2017 at 10:40am
 
cods wrote on Nov 22nd, 2017 at 10:01am:
Gordon wrote on Nov 22nd, 2017 at 9:56am:
The only one of those retail outlets I've heard of is Rivers. I wandered into one of their shops a year ago and I can highly recommend their clothes if you're going to a 1980s themed fancy dress party.

I'm thinking that could have something to do with it?




this is what I mean

put downs  rivers was a family institution  and sold really good well made clothing.....and then they were taken over   why... because people would not pay the price for good quality clothing...its not rocket science.. Angry Angry Angry Angry


so they went and sourced the cheapest made out of cardboard shoes and they still couldn't survive !!

The moral of the story is that if you want to survive in business you need a competitive edge that puts you ahead of everyone else. A fancy neon sign won't save you !!
Back to top
« Last Edit: Nov 22nd, 2017 at 10:52am by Sir lastnail »  

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
IP Logged
 
Page Index Toggle Pages: 1
Send Topic Print