Specialty Fashion Group, owner of bricks-and-mortar retail operations including Katies and Rivers, has told shareholders it plans to shut 300 of its more than 1,000 retail outlets over the next three years.
In a company update on Tuesday, chairperson Anne McDonald said “store rationalisation is a clear and immediate focus”, with the company setting a target of around 700 retail sites by 2020, compared with its current 1,019 stores.
“We are taking actions to more quickly reduce our store footprint, with an immediate focus on loss making stores on ‘hold over’ leases,” McDonald said in an address to shareholders.
The bulk of the closures are expected to be completed throughout 2018.
Reports Amazon will cool down shoppers on launch day
Business Insider and Internet Retailing report Amazon is gearing up for in-person promotion ahead of its launch in Australia at the end of the week.
Founder of Short Batch icecream Scott Kilmartin has shared details of a commission to provide yellow and orange-themed treats to commuters in Sydney and Melbourne tomorrow.
While Amazon has made no confirmation of the plans, punters think this means marketing for the retail giant is well and truly underway.
Uber hack affecting 57 million users revealed
Bloomberg reports this morning ride-sharing company Uber concealed details of a data breach that saw 57 million customer profiles accessed for more than a year.
Names, emails and phone numbers of users were reportedly accessed in October 2016, along with a reported 600,000 licence numbers from drivers on the platform.
Bloomberg reports that instead of details of the breach being reported, the company saw senior Uber staff pay more than $100,000 to the hackers.
Newly appointed Uber chief executive Dara Khosrowshahi said the company was making changes to how it operated.
“None of this should have happened, and I will not make excuses for it,” he said in a statement.