AUS: Wesfarmers to keep Kmart
Wesfarmers, the Australian conglomerate, has decided to keep the Kmart retail business.
Kmart, a struggling division of the Coles business that Wesfarmers acquired in November, is understood to have performed "better" in the last few months.
"The focus on an enhanced product offer and a better value proposition for customers will continue," said Richard Goyder, managing director of Wesfarmers.
"The board will monitor performance over time, as it does with all Wesfarmers-owned businesses."
When plans for the acquisition of Coles were originally outlined in August last year, the company said Kmart would be operated as a separate division while they undertook a "detailed strategic review of the various options for the business".
Goyder, meanwhile, also announced the retirement of Kmart managing director, Larry Davis, at the end of April.
Mark Goddard, Kmart's general manager of merchandising, will take the reins until a permanent replacement is found.
The recently published Australian Competition and Consumer Commission (ACCC) inquiry into competition in the Australian grocery sector has been heavily criticised by independent retailers and supplier...
Australia's independent retailers have launched a fresh attack on the newly-launched GroceryChoice website....
Australian retailer Coles has joined forces with Landcare Australia to help reduce the seven billion plastic check-out bags that Australians use every year....
Australian supermarket giant Coles offers the cheapest basket of groceries on a new price comparison website launched by the country's government....
The Australian competition watchdog has found that increased competition in the grocery sector would benefit consumers by forcing retailers to lower prices....
Business thrives in certainty but it was stories of uncertainty that grabbed the headlines this week. The collapse of the WTO Doha talks has left the chances of a new global food trade deal up in the ...
Measures designed to limit the market power of Australia's two largest retailers, Woolworths and Coles, and a grocery price-watch scheme, are expected to be among the proposals put forward by the Aust...
Wesfarmers Limited, the owner of Coles supermarkets, has announced the resignation of chairman Trevor Eastwood....
- Does Kraft Heinz want to swallow Unilever whole?
- Focus: Nestle CEO plan to balance sales, earnings
- Will Kellogg's DSD exit help it grow in US snacks?
- Comment: Meal kits in US - don't believe the hype
- Is Mondelez's margin target hurting sales?
- Nestle plans restructuring as 2016 profit misses
- Kraft Heinz pursuing Unilever in takeover move
- Kraft Heinz returns to organic growth, ups margins
- General Mills issues profit warning
- Kraft Heinz pulls Unilever bid