Why Global G Star brand has appointed administrators to Australian Business? | Market Update

  • May 15, 2020 AEST
  • Team Kalkine

Global fashion brand G-Star has appointed administrators to its Australian business after the COVID-19 restrictions tipped the balance for the company after already poor retail performance. The Dutch-owned retailer has 57 outlets across Australia and more than 200 staff. Unusually for such failing businesses G-Star Australia has no major debt which points to the limited capacity of business to handle the weaker trading environment.

Online shopping trader Kogan has bolstered its furniture and homewares offering by acquiring retailer Matt Blatt for $4.4 million. Matt Blatt collected $46.5 million in revenue last financial year, and up to 25 per cent came from online sales.

Steel manufacturer BlueScope has been hit by a cyberattack that has affected some of its operations, including Australia. BlueScope said the attack was detected at one of its US businesses and spread to parts of its global operations. In Australia, manufacturing and sales operations have been impacted, BlueScope said on Friday.

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