Crazy John’s brand closes down; Myer buys Charlie Brown and Howard Showers; Sharemarket opens lower: Midday Roundup

Crazy John’s brand closes down; Myer buys Charlie Brown and Howard Showers; Sharemarket opens lower: Midday Roundup

It’s the end for discount mobile retailer Crazy John’s, once a familiar presence in Australian shopping strips and Telstra’s biggest mobile phone dealer.

Fairfax reports Vodafone Hutchison Australia will announce today that Crazy John’s will be shut down and its 100,000 customers will be offered a move into the parent brand.

”It is a sad day and it’s certainly the end of an era in name but [John Ilhan’s] pioneering spirit is alive here,” Vodafone Australia director of sales Ben McIntosh said.

 

Myer buys Charlie Brown and Howard Showers

Department store Myer has acquired Australian fashion brands Charlie Brown and Howard Showers, which will now be available exclusively in Myer.

Designer Charlie Brown closed her last standalone store in February this year and will continue to be responsible for and lead the creative direction of both the Charlie Brown and Howard Showers ranges.

Charlie Brown said in a statement that it was an “exciting opportunity” for her.

“Myer has shown a great commitment to developing local design talent. I am pleased to continue to work with a brand that so strongly supports Australian fashion and its designers,” she said.

 

Sharemarket opens lower

The Australian sharemarket has opened lower, after falls across Europe and the US.

At the official market close, the benchmark S&P/ASX200 index was down 29.2 points, or 0.53%, at 5,481.7 points, while the broader All Ordinaries index lost 28.8 points, or 0.52%, to 5,469.7 point.

Scott Schuberg, chief executive at Rivkin, said while last night’s pullback in equity markets was sharp, it was heavily moderated by the fact that would-be short sellers have lost their collective nerve in recent times.

“So while a quick jab to US and European equity markets at the right time will trigger aggressive short selling and extrapolate falls, it seems as though now is not that time,” he said in a statement.

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