Law

Toys "R" Us Australia accumulates USD344m in losses

Source: 
The Sydney Morning Herald Online

Toys "R" Us, the self-described "world's first toy supermarket", has racked up accumulated losses of almost AUD450 million (USD343.9m) since arriving in Australia.

The US-based toy and baby products retailer has operated in Australia for more than two decades. It has more than 30 stores, 11 Babies "R" Us Superstores, online operations and about 1600 employees.

Researchers IBISWorld said it had lost market power over the past five years, but was the second-biggest player in the AUD850 million toy and game retailing industry.
 

Target’s closure of Canada stores a ‘difficult’ decision

US-based Target Corporation recently announced that it is closing all its stores in Canada and is about to begin a court-supervised winding down of its Canadian businesses.

Brian Cornell, Target Corporation Chairman and CEO, said the move was a ‘difficult’ decision, but the right one for Target.

“We had great expectations for Canada but our early missteps proved too difficult to overcome,” he said.

Global companies set sights on India's e-commerce market

Source: 
The Hindu Business Line

Indian e-commerce companies may run into more competition in the months ahead with global entities such as Alibaba, Rakuten and Walmart seriously eyeing the Indian market.

Founded by two ex-Amazon employees Sachin and Binny Bansal, Flipkart has been changing its formats and strategy over the last year with Amazon’s entry.

Dick Smith's IPO to open opportunities for investors in Australian electronics business

Australia's largest retailer of consumer electronics products announced plans of listing on the Australian Securities Exchange (ASX).

Dick Smith Holdings Limited (Dick Smith) lodged the prosecutes for the Initial Public Offering (IPO) with the Australian Securities and Investments Commission (ASIC) on Thursday.

Based on a share price of AUD2.20 per share, the company expects the offering to raise AUS344.5 million (USD).

Starbucks to roll out 800 new stores, add over 18000 employees in China for next 3 years

Source: 
The Wall Street Journal Online

After nearly 14 years of working to persuade China to buy into its foreign coffee culture, Starbucks Corp. is aiming to become more Chinese as it plans a rapid expansion in the country.

Belinda Wong, president of Starbucks China, said in an interview that Starbucks aims to roll out 800 new stores in the next three years to add to its existing fleet of 700. Over that period it will increase the number of employees to more than 30,000 from the current 12,000.

Global Retail Theft Barometer Study finds shrinkage in Japan is the 2nd-highest in the world

According to the fifth annual edition of the Global Retail Theft Barometer, retail shrinkage rate in Japan is 1.04 percent of sales, the third-lowest in the world. However, this rate was up 4 percent compared to the previous year. The total shrinkage amount – profit loss due to customer and employee theft, supplier/vendor fraud and administrative errors – in Japan reached JPY774  billion (USD9.96b), the second-highest worldwide, representing almost 53 percent of the total sum in the Asia-Pacific.

Use social networking to land that dream job

Source: 
CNBC

If you have ever looked for a job or are in the market for one now, you've probably taken some obligatory steps, such as polishing your résumé and combing job boards.

But if you aren't integrating social media into your job search, you are depriving yourself of a powerful tool. Of course, it's important to use the right sites, and job-search experts say the so-called Big Three – LinkedIn, Facebook and Twitter – are your best bet because of the hordes of recruiters and hiring managers who hang out there.

J Crew executive seemingly taunts fired employees

Source: 
CNBC

There are some classy ways to handle firing employees – this just might not be one of them.

Soon after personally delivering the bad news to some J. Crew employees being laid off, the clothier's vice president of men's merchandising took to Instagram to post celebratory photos, seemingly mocking those who were fired, according to The New York Post.

Ex-American Apparel CEO kept sex clips on its server

Source: 
CNBC

Clothing company American Apparel has accused ousted founder Dov Charney of using ethnic slurs against workers and keeping videos on a company server of himself in sex acts with models and employees, recently filed court papers show.

American Apparel's board of directors suspended Charney as CEO a year ago, citing his misuse of company funds, violation of company policy and misuse of corporate assets, and in December the board terminated him.

Meet the startup CEO paying the staff kids' tuition

Source: 
The Sydney Morning Herald Online

As a growing number of startups compete for talent with giants like Google and Facebook, they seem to have entered an arms race of showering employees with lavish perks – whether free lunches, free housecleaning services or sending employees on free international vacations.

Now the CEO of Boxed, an online seller of bulk household goods, has told employees he'll do something much bigger: pay for their kids' college tuition.

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