James Stewart, a business restructuring expert with KPMG who specialises in retail, said while sellers of food, consumer electronics and tech already operating online were likely to remain profitable, Monday’s government announcement would hit hard those trading in fashion and other discretionary goods from city and suburban shops. The shift to working from home, the…
Co-founders Kirstina Karlsson, who started the business in 2001, and Paul Lacy will continue to run the business and will remain shareholders, with kikki.K operating as an Australian sister company to Erin Condren. Following the collapse, nine potential buyers expressed their interest in the brand within 24 hours, the founders said, and customers flocked online…
CLOSE Consumers are scared to go out and retailers are floundering. Is there a future for the traditional indoor shopping mall? Wochit Lord & Taylor, of one of the nation’s oldest department store chains, has started liquidating 19 of its 38 stores. The retailer filed for Chapter 11 bankruptcy protection Sunday, joining the growing list…
A TWEED Heads travel agency has likely become the latest victim of COVID-19 – falling into liquidation owing $155,000. The directors of D P & C Ryan Pty Ltd, which traded as Global Travel & Cruise and was part of the Helloworld Travel group, made the decision to undertake a creditors’ voluntary winding up of…
It’s been a tough few months for businesses, butone beloved retailerhas just announced some good news. Stationery brand kikki.K was placed into Voluntary Administration in March just as the world began to be seriously affected by COVID-19. Today they have announced apartnershipwithUS-based EC Design which means that they will continue to trade as well as…
kikki.K has been saved from voluntary administration after securing a partnership with US-based EC Design. The global stationery brand was placed into voluntary administration in March 2020. The stationery brand will now expand its e-commerce offering and continue to operate its 30 stores across the world. The retailer entered Receivership in March, saying it was…
Job seekers stand outside a construction site near Johannesburg. South Africas unemployment rate hit a record high even before the pandemic hit. (photo: Siphiwe Sibeko/REUTERS/Newcom) South Africa Looks Toward Inclusive Recovery to Stabilize Debt, Boost Growth August 3, 2020 In a conversation with IMF Country Focus, the Director-General of South Africas National Treasury Dondo Mogajane…
A TWEED Heads travel agency has likely become the latest victim of COVID-19 – falling into liquidation owing $155,000. The directors of D P & C Ryan Pty Ltd, which traded as Global Travel & Cruise and was part of the Helloworld Travel group, made the decision to undertake a creditors’ voluntary winding up of…
Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend. Strike The wages for July have been paid normally for the employees of chains like Brantano, CKS, Claudia Strter and Miss Etam, but the banks are blocking the…
Image copyright Reuters HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (9.8bn). HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs. “Our operating environment has changed significantly since the start of…