Woolworths’ deal to sell off Masters stores and sites has been complicated by legal action by Lowe’s. Wayne Taylor Woolworths and its home improvement partner Lowe’s Companies will face off in court on Wednesday over a $835 million deal to sell Masters stores and sites to a consortium of property developers. After seven months of negotiations, Lowe’s took Woolworths by surprise…
“See you for your next project!” says the big sign on the way out of the cavernous – and empty – Masters hardware barn. This seems unlikely. The entire chain is shutting down across Australia before Christmas and their much-vaunted fire sale feels a bit wet. Across the country Masters stores are near-deserted, with those shopping for bargains in the…
NEW DELHI: RBI today said everything is not hunky-dory about public sector banks‘ retail lending and underlined the need for improving credit appraisal and monitoring. “If you look at the credit growth you do see that there is more growth in private sector as opposed to the public sector banks and then you have problem…
Abengoa SA plans to resume work in the next few months on Latin Americas first solar-thermal plant, as the Spanish renewable energy company comes back from the brink of bankruptcy, people with knowledge of the matter said. Work on the $1 billion Atacama I project in northern Chile, a joint venture between Abengoa and private equity firm…
Cameron Burnell Cramar Investments Ltd, the company which owns the Awakino Hotel, is the subject of liquidation proceedings in the High Court. Unpaid taxes totalling more than $70,000 could result in the liquidation of a company which owns a North Taranaki pub. Court documents show the Inland Revenue Department (IRD) applied to the High Court for…
WW Investors, LLC, an entity controlled by activist investors Michael Ashner and Steve Witkoff, called for the ouster of the NY REIT board ahead of a vote on a liquidation plan for the company. Ashner and Witkoff, who included themselves in a proposed roster of replacement board members, expressed concern that the companys leaders may…
Share Tweet Share Share Share Email Doom and gloom: Small businesses are facing mountains of cash flow challenges, according to recent research reports. From unclear bank terms for small business customers to rising small business insolvencies due to late payments and even new data on suppliers posing unfair terms on small business clients, the analysis from…
Troubled trucking and logistics firm McAleese has gone into voluntary administration, saying it is insolvent or likely to become insolvent. The move comes after the firm’s financiers, led by high-risk debt investor SC Lowy, pulled the pin on a deal struck in early June to recapitalise the company because it did not meet the…
Womens clothing retailer Seduce has entered voluntary administration and its Australian bricks-and-mortar stores have closed, just weeks after being hit by a wind-up notice from its landlord. Administrators from Deloitte were appointed to Seduce Pty Ltd on August 16, with Michael Billingsley and Neil Cussen acting as joint administrators. Billingsley and Cussen were subsequently appointed as…
A JUDGE will decide in the coming weeks whether or not a proper environmental order was given to Linc Energy founder Peter Bond earlier this year, directing him to clean up an underground gas project site near Chinchilla. The Queensland Department of Environment issued Mr Bond with the environmental protection order in May, stating it…