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Coles beefs up provision for historical underpayment of management

Inside Retail

Coles says it has provisioned a further $25 million to cover possible underpayments to the salaried management staff of its retail businesses as it continues an internal probe into its payroll. In late 2021, the Fair Work Ombudsman said it believed Coles had underpaid thousands of salaried employees by $115 million since 2017.

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Productsup Raises $70M to Help Online Sellers Manage Their Omnichannel Presence

Retail TouchPoints

Channel management platform Productsup has raised more than $70 million in Series B funding to advance its product development and M&A activity as it continues to expand globally. Nordwind Capital, which initially invested in the company in 2017, will retain its majority stake after the transaction. .

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Couche-Tard Deploys Unified Supply Chain and Planning Solution in North America

Retail TouchPoints

will deploy technology from Relex Solutions designed to enhance inventory management and in-stock positions. Integrating these systems will help Couche-Tard improve its merchandising strategy by evolving how space decisions are made as well as how product replenishment is managed throughout the organization.

Planning 266
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Myer sacks 50 head office staff, outsourcing tech roles to India

Inside Retail

The source added that Myer did not give the employees – or even managers – any warning and that senior leaders just asked the laid off staff to come into a specified room one by one to receive the news. In 2017, the Australian Financial Review reported that Myer slashed 50 jobs by outsourcing its contact centre and digital services functions.

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Fawkner Property to acquire Cairns Central for $390 million

Inside Retail

Fawkner Property has agreed to acquire Cairns Central from Lendlease-managed Australian Prime Property Fund Retail (APPF Retail) for about $390 million. ” Lachlan MacGillivray of Colliers International and Sam McVay of McVay Real Estate managed the sale, the closing of which is expected in late February next year. .”

Shopping 278
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Nordstrom Financial Chief Bramman Steps Down; Insider Appointed Interim CFO

Retail TouchPoints

Nordstrom CFO Anne Bramman will step down from the role she has filled since 2017 on Dec. As a result of Anne’s guidance through the pandemic, Nordstrom has the financial strength and flexibility to successfully manage through a changing environment,” said Erik Nordstrom, CEO of Nordstrom in a statement.

Finance 278
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The Body Shop UK Enters Administration

Retail TouchPoints

Now, FRP Advisory has been brought in to manage the restructuring process. In 2006 Roddick sold the company to cosmetics giant L’Oréal , which sold it again to Natura &Co in 2017. Private equity firm Aurelius Group purchased the retailer from Natura &Co in November 2023 for nearly $258 million.

Shopping 260