Woolies’ $2b Masters sale

January 19, 2016roymorgansocial Leave a comment

Original article by Sue Mitchell
The Australian Financial Review – Page: 1 : 19-Jan-16

Woolworths has decided to exit home-improvement market by selling or winding up the Masters chain. Investors welcomed the decision of the board, with Woolworths shares rising 4.3 per cent to $A23.65 on 18 January 2016. Masters generated operating losses of $A245 million to $A300 million a year.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, LOWE’S COMPANIES INCORPORATED, COLES GROUP LIMITED, KMART AUSTRALIA LIMITED, ALDI STORES SUPERMARKETS PTY LTD, BIG W DISCOUNT STORES, PERPETUAL INVESTMENTS, MOODY’S INVESTORS SERVICE INCORPORATED, STANDARD AND POOR’S CORPORATION, BUNNINGS GROUP LIMITED, WESFARMERS LIMITED – ASX WES, BIG W DISCOUNT STORES, HOMEBASE, HOME TIMBER AND HARDWARE, DEUTSCHE BANK AG, MITRE 10 LIMITED

The Dick Smith dilemma

January 15, 2016roymorgansocial Leave a comment

Original article by Roy Morgan Research
Market Research Update – Page: Online : 14-Jan-16

A Roy Morgan Single Source survey has found that 1,121,000 Australians aged 14+ shopped at a Dick Smith store in any four weeks during the year to September 2015. Some 82 per cent reported that they were satisfied with their retail experience. Both of these figures are down since September 2011, when some 1,511,000 shoppers passed through the Dick Smith check-outs in an average four weeks, with an 83 per cent satisfaction rating. Betta Home Living, Harvey Norman and Retravision have also seen their customer numbers fall over the last few years (although Betta still managed to increase its satisfaction rating from 83 per cent to 93 per cent during this time).

CORPORATES
ROY MORGAN RESEARCH LIMITED,{SPAC}DICK SMITH HOLDINGS LIMITED – ASX DSH,{SPAC}BETTA HOME LIVING,{SPAC}HARVEY NORMAN HOLDINGS LIMITED – ASX HVN,{SPAC}RETRAVISION (AUSTRALIA) PTY LTD,{SPAC}JB HI-FI LIMITED – ASX JBH

Will three new Costco stores propel the retailer past a million Aussie shoppers in 2016?

January 15, 2016roymorgansocial Leave a comment

Original article by Roy Morgan Research
Market Research Update – Page: Online : 14-Jan-16

A Roy Morgan Single Source has found that in the year to September 2015, a total of 667,000 Australians aged 14+ (3.4 per cent) were Costco shoppers (people who visit in an average four-week period and/or say they mainly or sometimes shop there). Of all these Total Costco shoppers, 420,000 (63 per cent) actually shop there in an average four weeks – a proportion well below the 80-90 per cent among Woolworths, Coles, IGA or ALDI shoppers. Each new Costco store adds new shoppers overall, with growth strongest when a new city gets its first outlet. The survey also shows that the wealthiest fifth of Australians by socio-economic status are almost 50 per cent more likely than average to shop at Costco. This AB quintile makes up 29 per cent of all Costco shoppers, and another 25 per cent are in the second-to-top C quintile.

CORPORATES
ROY MORGAN RESEARCH LIMITED,{SPAC}COSTCO WHOLESALE AUSTRALIA PTY LTD,{SPAC}WOOLWORTHS LIMITED – ASX WOW,{SPAC}COLES SUPERMARKETS AUSTRALIA PTY LTD,{SPAC}IGA,{SPAC}ALDI STORES SUPERMARKETS PTY LTD

7-Eleven workers underpaid $31,000

January 14, 2016roymorgansocial Leave a comment

Original article by Mathew Dunckley
The Australian Financial Review – Page: 8 : 14-Jan-16

The Fair Work Ombudsman has taken a 7-Eleven franchisee to court over incorrect wages paid to 21 employees. Jason Yuan, who operates two stores in Brisbane, faces maximum penalties of up to $A10,200 per breach if the Federal Circuit Court finds that he failed to pay public holiday penalty rates, shift penalty rates and casual loadings to his workers.

CORPORATES
7-ELEVEN STORES PTY LTD, AUSTRALIA. FAIR WORK OMBUDSMAN, VIPPER PTY LTD, VIPRUS PTY LTD, FEDERAL CIRCUIT COURT OF AUSTRALIA

New Dick Smith CEO hopes to find a buyer

January 13, 2016roymorgansocial Leave a comment

Original article by Patrick Hatch
The Australian Financial Review – Page: 13 & 18 : 13-Jan-16

Receiver Ferrier Hodgson has received more than 40 expressions of interest in buying failed consumer electronics retailer Dick Smith. Meanwhile, Don Grover has been appointed as interim CEO following the resignation of Nick Abboud. He had the led the company since its acquisition by Anchorage Capital Partners in 2012. The slump in Dick Smith’s share price prior to its collapse had reduced the value of Abboud’s shareholding by almost $A30m.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, FERRIER HODGSON AND COMPANY, FUSION RETAIL BRANDS PTY LTD, JB HI-FI LIMITED – ASX JBH, DIANA FERRARI (AUSTRALIA) PTY LTD, WILLIAMS SHOES, MATHERS SHOES PTY LTD, COLORADO GROUP LIMITED, FORAGER FUNDS MANAGEMENT PTY LTD, ANCHORAGE CAPITAL PARTNERS PTY LTD, OWNERSHIP MATTERS PTY LTD, WOOLWORTHS LIMITED – ASX WOW, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, STANDARD AND POOR’S ASX 200 INDEX

Rivals to gain from Dick Smith’s demise

January 7, 2016roymorgansocial Leave a comment

Original article by Jessica Gardner
The Australian Financial Review – Page: 15 : 7-Jan-16

Thomas Kierath of Morgan Stanley expects the collapse of Dick Smith to boost the annual sales of JB Hi-Fi and Harvey Norman by around $A200m apiece, and lift their net profits by up to $A20m. David Thomas of CLSA says JB Hi-Fi is likely to gain the most benefit from the closure of any Dick Smith stores, although Matthew Felsman of APP Securities notes that signs of slowing demand for Apple’s iPhone may hit JB Hi-Fi.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, MORGAN STANLEY AUSTRALIA LIMITED, CLSA AUSTRALIA PTY LTD, APP SECURITIES PTY LTD, APPLE INCORPORATED, THE GOOD GUYS, WOW SIGHT AND SOUND PTY LTD, FORAGER FUNDS MANAGEMENT PTY LTD

Dick Smith put in fire sale bin

January 6, 2016roymorgansocial Leave a comment

Original article by Kylar Loussikian
The Australian – Page: 15 & 16 : 6-Jan-16

Ferrier Hodgson hopes to sell the Dick Smith consumer electronics business as a going concern, although some analysts question whether there will be much interest in the retailer. Dick Smiths Holdings’ lenders appointed Ferrier Hodgson as receivers after the listed company went into voluntary administration. Dick Smith owes creditors about $A300m, while people who hold gift vouchers will not be able to redeem them.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, FERRIER HODGSON AND COMPANY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HSBC AUSTRALIA HOLDINGS PTY LTD, PMP LIMITED – ASX PMP, WOOLWORTHS LIMITED – ASX WOW, ANCHORAGE CAPITAL PARTNERS PTY LTD, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, CYAN INVESTMENT MANAGEMENT PTY LTD, IG MARKETS LIMITED, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, ALDI STORES SUPERMARKETS PTY LTD, AFFINITY EDUCATION GROUP LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, FORAGER FUNDS MANAGEMENT PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, BLACKROCK INCORPORATED, FIDELITY WORLDWIDE INVESTMENT, MYER HOLDINGS LIMITED – ASX MYR, BLOOMBERG LP, THE GOOD GUYS

Dick Smith bankers call in receivers

January 5, 2016roymorgansocial Leave a comment

Original article by John Durie, Kylar Loussikian
The Australian – Page: 14 & 16 : 5-Jan-16

Dick Smith Holdings went into voluntary administration on 4 January 2016, after the listed consumer electronics retailer’s shares were placed in a trading halt. National Australia Bank and HSBC have also appointed receivers from Ferrier Hodgson to the embattled group. Dick Smith shares were trading at $A0.35 on 31 December 2015, having reached a low of $A0.20 earlier in the month. The company was listed on the sharemarket at $A2.20 in late 2013.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HSBC AUSTRALIA HOLDINGS PTY LTD, FERRIER HODGSON AND COMPANY, LION NATHAN LIMITED, GEORGE WESTON FOODS LIMITED, WILLIAM ROBERTS LAWYERS, MYER HOLDINGS LIMITED – ASX MYR, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, FORAGER FUNDS MANAGEMENT PTY LTD, ANCHORAGE CAPITAL PARTNERS PTY LTD, WOOLWORTHS LIMITED – ASX WOW, CREDIT SUISSE (AUSTRALIA) LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Exploited 7-Eleven workers will not lose their visas

December 21, 2015roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 15 : 21-Dec-15

The Australian Government has advised that foreign workers who were underpaid by 7-Eleven will not have their visas cancelled if they assist with investigations into the scandal. Giri Sivaraman of law firm Maurice Blackburn says this is likely to encourage more exploited workers to come forward. The Shop, Distributive & Allied Employees’ Association claims that wage exploitation is still occurring.

CORPORATES
AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, 7-ELEVEN STORES PTY LTD, MAURICE BLACKBURN PTY LTD, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION

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