Tesco to face close scrutiny from Thai competition regulators
Tesco is facing close scrutiny from a competition regulator in Thailand over the sale of its operations in the country.
The Financial Times reported that Thailand’s Office of Trade Competition Commission chairman Sakon Varanyuwatana will likely impose fines or may even ban the deal if any laws are violated.
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The deal is expected to be worth around $8bn-$9bn and is seen as one of the biggest M&A deals this year.
Brazil’s Natura completes acquisition of Avon Products
Brazilian cosmetics company Natura &Co completed the acquisition of direct-selling company Avon Products.
The deal closure comes after Natura secured all mandatory regulatory approvals required for the acquisition last month.
Natura &Co will now have annual gross revenues of over $10bn and a total of 40,000 associates in over 100 countries.
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By GlobalDataBose to close all retail stores in three continents and Japan
Audio equipment maker Bose is reportedly planning to shut its retail stores across North America, Europe, Australia, and Japan.
A total of 119 stores will be closed due to the ‘dramatic shift to online shopping’, the company stated in an email to The Verge.
The closing process will be carried out in the coming months.
Walmart’s South African unit Massmart to close 34 stores
Walmart’s South African unit Massmart revealed plans to cut as many as 1,440 jobs.
The decision follows the company’s store optimisation project that marked a number of underperforming stores in its portfolio.
As part of the move, a total of 34 Dion-Wired and Masscash stores are expected to be affected.
Fashion retailer Bardot to close 58 retail stores across Australia
Women’s fashion retailer Bardot reportedly decided to close 58 of its stores across Australia, adding to the long line of struggling companies in the country’s retail industry.
The decision is part of the company’s restructuring plan following its recent collapse. It blames its financial struggle on high competition.
In November last year, Bardot entered voluntary administration. It had 72 stores employing 800 employees across the continent.
UK gaming retailer GAME plans to close 40 outlets
UK gaming retailer GAME is reportedly considering shutting 40 shops across the country.
The retailer adds to the growing list of companies that have recently taken measures to face the highly competitive retail industry.
GAME said that the company is under a ‘store rationalisation programme’.
Fashion retailer Express to shut 100 stores by 2022
Fashion retailer Express revealed plans to reduce its number of retail stores by around 100 by 2022.
Last year, the retailer closed nine stores and another 31 will be closed later this month.
It will close an additional 35 stores in January 2021.
German retailer Kaufland reveals intention to leave Australia
German hypermarket chain Kaufland decided to exit the Australian market, making 200 employees redundant.
The Sydney Morning Herald reported that the retailer is planning an ‘orderly withdrawal’. The move will allow Kaufland to direct its efforts on operations in the European markets.
Kaufland International acting chief executive Frank Schumann was quoted by the newspaper as saying: “In Europe, we see a great deal of growth potential. We will actively shape the consolidation of the European retail sector, thus further reinforcing our leading position.”
US retailer Walmart fires 56 executives in India
US multinational retail chain Walmart reportedly removed 56 of its executives in India.
The removal is part of its restructuring plan in the country.
Citing three sources with direct knowledge of the matter, Reuters reported that the firing has mostly affected the retailer’s real estate division.
