A significant revamp of the embattled Australian icecream and hot dogs franchise Wendy’s is set to follow the appointment of its new chief executive, Karin Hattingh.
Hattingh, a former executive at discount department store Big W, has taken on a new role as chief executive of Wendy’s franchisor, Supatreats Australia, and is expected to finalise a strategic review of the business by November, Fairfax reports.
The franchise has experienced its fair share of problems of late, with various franchisees and its former master franchisor, Wendy’s Supa Sundaes, going into voluntary administration.
According to Fairfax, Hattingh is halfway through a review of 123 Wendy’s stores in Australia and 32 in New Zealand. The review has reportedly included trials of small-format stores at a petrol station chain in South Australia.
Vending machine operator found guilty of ignoring competition watchdog
The sole director of a vending machine company has been found guilty of failing to comply with a compulsory notice issued by the Australian competition watchdog.
The Federal Court in Brisbane has ruled Robert Davies, the director of Natural Food Vending, failed to issue particular documents to the Australian Competition and Consumer Commission in order to assist with an investigation into his company.
The competition watchdog served the notice to Davies back in 2010 following allegations the business was making false or misleading representations in regards to business opportunities with the company’s vending machines.
A liquidator was appointed to Natural Food Vending the same day the company was due to respond to the competition watchdog’s compulsory notice.
A sentencing hearing will be held in the coming weeks.
Shares down on open
Aussie shares are trading lower this morning following a poor performance from Wall Street.
Chief market strategist at CMC Markets, Michael McCarthy, said in a statement Malcolm Turnbull’s successful bid for the Liberal leadership and calls for market renewal were not enough to overcome the affects of lower commodity prices.
“Falling international share prices and lower commodities dominated any positives from Prime Ministerial renewal in the opening hours of trading in Australia today,” McCarthy said.
“’Top down’ considerations, including the September futures expiry, are distracting attention, and low trading volumes and a fall in the ‘fear and greed’ index suggest investors are collectively sitting on their hands.”
The S&P/ASX200 benchmark was down 0.75%, falling 38.1 points to 5058.4 points at 12.03pm AEST. On Saturday, the Dow Jones closed down 0.38 %, falling 62.13 points to 16,370.96 points.