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.

Younger staff receive higher pay rise in China

Source: 
Shanghai Daily

Chinese employers are offering a bigger pay rise for fresh college graduates than for experienced workers this year as salaries remain the biggest concern for young workers, separate industry reports revealed yesterday.

Recruitment portal 51job.com found employers are offering 10 percent higher salary for fresh graduates this year than last year, according to its survey of 263 companies with more than 2,000 employees each.

Malaysia launches consumption tax despite public unease

Source: 
Jakarta Globe

Malaysia last week implemented a six percent consumption tax aimed at plugging a leaky tax-collection system and addressing a widening fiscal deficit, but which has sparked opposition protests over the past year.

The government and economists say the Goods and Services Tax (GST) will help address an inadequate revenue-collection system under which income tax is currently paid by only an estimated 11 percent of registered companies and 14.8 percent of employees.

McDonald's joins Wal-Mart, Gap, other cos. in raising wages

Source: 
CNBC

McDonald's said Wednesday it is raising pay for workers at restaurants that the company owns. Here's a look at all the big companies that recently have announced they are boosting hourly wages for their employees:

In February Wal-Mart Stores Inc., the largest private employer in the US, said it will boost its minimum pay to $9 an hour in April and to $10 by February 2016. That means 500,000 employees will get a raise.

American Apparel ex-CEO seeks USD40m in damages

Source: 
CNBC

The former chief executive and founder of hipster clothing brand American Apparel, Dov Charney, is claiming USD40 million in damages for a breach of employment contract, his attorney said.

The company's board ousted Charney in December, six months after suspending him, for allegedly misusing funds and helping spread improper photos of a former employee.

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