Company Wesfarmers announced up to 167 stores to disappear | ASX Market Update

  • May 22, 2020 AEST
  • Team Kalkine

Australian Target fans are in mourning today after parent company Wesfarmers announced up to 167 stores could disappear forever over the next year. Under the drastic plan, up to 75 Target stores will be closed down while 92 will be converted into Kmart outlets, which Wesfarmers also owns.

Home builder AV Jennings has moderated its outlook and no longer expects its full year results to better those from 12 months ago, as consumers delay major purchases. Property contract sales fell from 100 in February to 57 in March as the coronavirus pandemic took hold, the company says.

Major department store Myer will reopen the rest of its stores across Australia next week, as retailers get back to business amid COVID-19. The bulk of the retailer's 60 stores will all be open on Wednesday after almost two-months without customers inside the shops.

#Wesfarmers #Australia #Stocks #Kalkine

 


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