Fletcher Jones, the struggling menswear chain, is to immediately close a third of its stores, along with shedding 61 jobs.
The 94-year-old retailer will even shut its first ever store, in Warrnambool, after being placed into administration earlier this week.
CommBank hit by technical glitch
A Commonwealth Bank glitch has left thousands of its customers unable to access their funds online or at ATMs.
The technical problem, which took place at 5.30pm yesterday, comes a year after the bank suffered a near-identical glitch.
Google removes fraud apps
Google has removed 22 apps from its Android market after they were found to be fraudulent.
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The apps posed as genuine games such as Angry Birds, tricking users into sending them premium text messages. It’s believed the fraud originated in Russia.
The Dow Jones Industrial Average fell by 137.22 points, or 1.2%, to 11,817.72. The Australian dollar fell below parity, to 99.11 US cents.