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Struggling Target stores to close or become Kmart
Wesfarmers will close underperforming Target stores and convert others to Kmart outlets, after completing the first phase of a review into its struggling retail arm.
Wesfarmers will close underperforming Target stores and convert others to Kmart outlets, after completing the first phase of a review into its struggling retail arm.
Wesfarmers has revealed it underpaid staff at its Target stores by $9m, on top of $15m in other underpayments, becoming the latest Australian company caught up in a growing wage theft scandal the shoppies’ union has branded a “full blown epidemic”.
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Wesfarmers, the conglomerate that owns Coles, Target and Kmart among other major businesses, has announced it will buy online retailer Catch Group for $230 million.
Target has lost its way – and there appears to be only one solution to the budget retailer’s problems, argues Gary Mortimer.
Shares in Wesfarmers have slumped by more than 5 per cent after losses from the group’s coal mines partly offset Coles’ and Bunnings’ strong gains.