Tech & Science Jeanswest collapses as online competitors sink denim giant
Travel company Excite Holidays collapses into voluntary administration
A number of reps from Excite Holidays were let go just before Christmas as the company's credit cards began to run out.The company, which operates as a travel wholesaler for travel agents, allegedly let a number of sales representatives go just before Christmas, telling staff to take an extra week's annual leave and to turn their phones off.
Video provided by Today
Clothing retailer Jeanswest has collapsed into voluntary administration as online stores and low consumer spending blow a hole in the denim house's bottom line.
Jeanswest, known for its denim and maternity wear, currently operates 146 stores across Australia and employs 988 people.
The retailer will continue operating while a potential buyer for the business is found.
Giant dust storm blankets parts of south-west Queensland
A giant dust storm brings visibility down to as low as 100 metres in parts of south-west Queensland, with a Bollon resident describing it as "the worst" she has seen.A front pushed up from the South Australia and New South Wales whipped up the dust storm stretching from the Northern Territory border to west of Saint George in Queensland.
KPMG were appointed as voluntary administrators this afternoon, and will be conducting an "urgent analysis" of the business to see where costs could be saved.
KPMG partner Peter Gothard said his firm will explore all options to prevent stores from mass closure.
"Jeanswest will continue to operate while the Administrators conduct an urgent analysis of the business," said Mr Gothard.
"The Administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business."
James Stewart, head of retail restructuring at KPMG, said there were a number of factors that led to the iconic brand's financial demise.
Amazon Australia signals pharmacy foray with new trademark application
Any attempt by Amazon to make inroads into the $38b local pharmaceutical sector would face a tough time due to stringent rules and regulations.Submitted to trademark authority IP Australia last Thursday, the submission covers a number of goods and services classes in the pharmacy space, including various medical apparatuses, medication dispensers, online pharmacy retailing and the distribution of prescription medication.
"Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition," said Mr Stewart.
"The Administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market."
Jeanswest was first established in Perth in 1972.
Victoria was primarily the retailer's strongest revenue source, where they operated 32 stores and employed 309 staff, across both retail locations and head office.
KPMG has informed creditors the first meeting to discuss the future of the company will be held on Tuesday, February 28.
AUSSIE RETAILERS THAT HAVE CLOSED IN THE LAST 12 MONTHS:
Curious Planet: The science store, formerly known as Australian Geographic is set to close 63 stores.
Yellow Wiggle Greg Page collapses during bushfire relief concert
Greg Page, one of the founding members of the Wiggles, has collapsed in Sydney while performing at a bushfire relief concert. The Wiggles said a "medical incident" involving Page occurred off-stage as the original band members performed at Castle Hill RSL on Friday night."Medics were called immediately and he was taken to hospital where he is receiving treatment. We will provide more information as it comes to hand," the band said in a statement after the show.
Napoleon Perdis: Beauty retailer entered voluntary administration, with stores closing across the country.
Criniti's Restaurant: Popular restaurant chain entered voluntary administration, with several of the 13 sites across the country set to close.
Bardot: Women's fashion retailer will shut vast majority of its stores over the coming months. 530 jobs will be lost.
McWilliams Wines: Country's sixth-largest wine company appointed voluntary administrators. Had been run by same family for more than 140 years.
EB Games: Video game retailer closing at least 19 stores in 'unprofitable' locations across the nation.
Red Rooster: Closed seven Queensland stores in October 2019, leaving 100 staff without jobs.
Ed Harry: Menswear retailer went into voluntary administration and closed all 87 outlets across the country.
Harris Scarfe: Australian department store placed into voluntary administration in mid-December.
Karen Millen: British fashion giant closing all Aussie stores, leaving 80 people without work.
Zanui: Popular furniture and homewares company entered voluntary administration.
Muscle Coach: Leading fitness company put into voluntary administration after company racked up debts of almost $1 million.
Dimmeys: Discount retailer closed its doors for good after 166 years of trading.
Crown chairman John Alexander steps down ahead of casino inquiry .
Crown Resorts' executive chairman John Alexander will step down, just days after it was revealed he would be called to give evidence at a public hearing into the casino giant. He will be replaced by former Liberal minister Helen Coonan, in a shock reshuffle that was announced after the share market closed on Friday.Meanwhile, Crown's chief financial officer Ken Barton will be elevated to the role of chief executive.These management changes were implemented ahead of a NSW Government inquiry — which will look into James Packer's sale of his stake in Crown Resorts to a Hong Kong-based casino operator.More to come.