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May 14, 2002

AUSTRALIA: David Jones to scale back plans for Foodchain

Market watchers are waiting for Australian retailer David Jones to reveal that it is to reduce its Foodchain venture. David Jones is likely to admit that the business will be downsized as part of its strategic review when it releases its Q3 results. Foodchain is still producing running losses that could detract from David Jones’ department store business. Further speculation was raised after Julie Coates, executive responsible for the food business, left the company.

Market watchers are waiting for Australian retailer David Jones to reveal that it is to reduce its Foodchain venture.

David Jones is likely to admit that the business will be downsized as part of its strategic review when it releases its Q3 results.

Foodchain is still producing running losses that could detract from David Jones’ department store business. Further speculation was raised after Julie Coates, executive responsible for the food business, left the company.

Jill Campbell, a spokeswoman from David Jones, has so far played down rumours over the closure of Foodchain.

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