Private equity has performed poorly in old retail. There’s no reason why it will do any better as the sector faces major change.
Myer
Bernie Brookes makes his stand
Myer boss Bernie Brookes says he is confronted with the challenge facing his business every night when he arrives home to find that his son has bought from an online store, “something which he should have bought from Myer”.
(Cream) puff piece: Myer chews up, spits out model comp winners
It’s the deliciously bitchy tale of a non-existent cream puff, the media’s obsession with skinny models and Australia’s largest department store chain.
Retail 2: why it’s not as bad as we’re told
It’s not just foreign competition and the strong dollar — other factors are important in retail, and explain why some retailers are succeeding when others aren’t.
Hey ASIC, try these fluff-filled prospectuses
The Australian Securities and Investment Commission’s commendable move yesterday to tackle glossy retail prospectuses (prospecti?) inspired Crikey to examine some of the more egregious examples of fluff and bubble when corporates raid the wallets of middle Australia.
Private equity’s long hangover
The private equity players may be suffering from a horrible post-GFC hangover brought on by over-exuberance, a lack of foresight and an over-reliance on debt.
TV or not TV, that’s the question for Harvey et al. It’s not
There’s been another bit of unfortunate news for the campaign by Gerry Harvey, Myer, Solomon Lew and other retailers to levy a GST on offshore internet purchases under $1000.
Revisiting the unaccountable Australian corporate landscape
Many of the leading directors who signed off on some of the decade’s worst deals still remarkably remain leading corporate figures.
Just another form of parallel importing
Whether it be Woolworths and Coles in food and liquor or Woolies, Coles, JB and Harvey Norman in electrical goods or Myer and David Jones in department stores, the power is in the hands of the major retailers. How sensible the government isn’t stampeded to change, writes Richard Farmer.
Media briefs: My Bulletin … the Tele’s spin …
The Gold Coast Bulletin was positively giddy today about the region’s sparkling new “centre of excellence”: a new Myer store. What a surprise that Myer is a major advertiser of the paper! Plus other media news of the day.
Tips and rumours: Tips and rumours: The government’s big ABN stuff-up
The rushed-through legislation that threatens to be the federal government’s next major stuff-up. Plus, when is an Australian film not really Australian?
Your Say: Daily Mail readers' feedback: Crikey not serious on climate change
Crikey readers weigh in on climate change and Rundle’s call for a climate change Mao, Crikey’s love for The Oz and TV ratings.
Myer over-priced as shareholders find out the hard way
The most surprising aspect of last year’s float of Myer was not that its performance has been horrid, but rather, than anyone thought buying a department store business from a private equity firm would be a good idea.
Business As Usual: US banks still falling over … News Corp ready to unload Jamba …
More US banks fall off the coil, rising food costs are driving up China’s consumer price index, News Corp is ready to unload its mobile content business Jamba, and more business briefs from around the world.
Tips and rumours: Tips and rumours: The pressing issue of Michael Atkinson’s pants
Running errands for Michael Atkinson, Myer scrambles to stay fashionable, Principals Australia under the microscope and more hot tips.
Lobbyists, US big hitter slam ATO over private equity tax row
The private equity tax row continues as lobbyists and one of the richest men in the US lash the Australian Taxation Office’s attempts to levy income tax on certain private equity profits.
Tips and rumours: Tips and rumours: former friend now Belinda Neal’s foe
Which former John Della-Bosca supporter and ministerial adviser has just announced their intention to challenge Belinda Neal in the Federal pre-selection?
Rebel with a pause as private equity puts hit-and-run on hold
News that private equity has pulled another attempt to take the money and run from a poorly performing retailer again causes us to ask, just where is the added value from private equity?
Tips and rumours: Tips and rumours: a vicious newspaper turf war?
Rumours are rife in suburban Brisbane that Fairfax or APN is about to make a move and take on Quest Newspapers in what promises to be a vicious turf war in the community newspaper market.
Tips and rumours: Tips and rumours: No Red for Hey Hey?
That black face loving comedy crew down at Hey Hey are returning to our humble screens next year, but will resident grouch Red Symons also return? Plus, news on the Myer renos.
ATO decision to tax TPG on Myer is on the money
Despite the claims of self-interested private equiteers and their hired help, the ATO’s decision to tax TPG’s billion-dollar Myer windfall was the right one.
Tips and rumours: A Rudd government ministerial smackdown?
Who’s challenging who for their Federal portfolio?
Private equity funds and the pillage of Australia
The big winner in the recent Myer float was the private equity firm that managed to float $452 million of tax money offshore, writes John Passant.
Tips and rumours: Tips and rumours: Cadbury shrink staff as well as chocolate
Despite booming sales, Cadbury is laying off over 100 people, the Libs preference the Christian Democrats, Julian Morrow’s new quiz show, and why is Myer always on sale?
