Australian retailers faced another month of sluggish sales growth as consumers, nervous about stagnant wages and tumbling house prices, curbed spending in a sign third-quarter economic growth could disappoint.
Shares of Australia’s Myer Holdings jumped 8.8% after its largest shareholder Premier Investments Ltd, chaired by billionaire Solomon Lew, asked Myer for a list of its owners, fuelling speculation of a takeover offer.
News this summer that struggling Australian department store chain Myer was looking to sell its designer label Sass & Bide, appears to have been premature with a report on Friday that the firm has called off its plans.
Struggling Australian department store chain Myer could be looking to sell some of its brands with new chief executive John King reportedly mulling the disposal of Sass & Bide, Marcs and David Lawrence.
Amazon.com began offering its paid subscription service in Australia on Tuesday, wooing premium users with a way around the geoblock on its offshore websites that has drawn criticism in the world’s 12th-biggest economy.
The General Pants Company-owned women's fashion and innerwear retailer declared bankruptcy late last week, forecasting the closure of all 12 retail stores, as well as its Myer concessions and online store.