It comes after Aussie shoppers were rocked by the news that up to 167 Target stores across Australia could close within 12 months. In a note to investors released on May 22, parent company Wesfarmers revealed that up to 75 large format Target stores and Target Country stores could permanently shut, while up to 92 large format Target stores and Target Country stores could be converted into Kmart branches. Wesfarmers, which owns both Target and Kmart, confirmed the drastic restructure would take place within 12 months, although most action would occur in 2021. The decision could affect around half of Target’s 284 Australian branches. RELATED: Target stores to be shut or turned into KmartMyer set to reopen all stores next week Wesfarmers also revealed $780 million of writedowns on its Kmart Group and industrial and safety branch, and a number of plans designed to “accelerate the growth of Kmart” and “address the unsustainable financial performance of Target”. Wesfarmers managing director Rob Scott said the changes would “enhance the overall position of the Kmart Group, while also improving the commercial viability of Target”. Wesfarmers CEO Rob Scott said the restructure would help the wider company. Picture: Marie NirmeSource:Supplied The company released… Read full this story
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