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Tag: teeters

  • Emergency meeting called as cricket teeters on brink of civil war | Players ‘anxious’, rivals…

    Emergency meeting called as cricket teeters on brink of civil war | Players ‘anxious’, rivals…

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    Emergency meeting called as cricket teeters on brink of civil war

    Three states have met to discuss how their response to being “blindsided” by Victoria’s decision to rapidly accelerate the privatisation of its Big Bash teams. Read the inside story.

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    Players ‘anxious’, rivals shocked as Victoria attempts BBL shake-up

    Cricket Victoria chief executive Nick Cummins has rejected suggestions he is trying to force the sale of his Big Bash League franchise, arguing his decision to restructure his organisation was necessary to proceed with the new season.

    The state cricket association informed staff on Tuesday that it planned to offload the team that competes under the Melbourne Renegades banner and will rebrand the Melbourne Stars as a Victorian team, a decision that ultimately kills both franchises.

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    Baird, Greenberg challenged by blindsided state chiefs in key BBL meeting

    Cricket Australia chair Mike Baird and chief executive Todd Greenberg have denied approving Cricket Victoria’s plans to merge the Melbourne Stars and Renegades in order to free up a BBL licence for sale to private investors.

    In an occasionally heated virtual meeting with the chairs and chief executives of the five states other than Victoria on Thursday afternoon, CA stressed that nothing had formally been approved in terms of a caretaker set-up for the Renegades.

    This is despite informal discussions between CA and CV about taking the Renegades out of the state association’s office at Junction Oval and temporarily moving it to CA’s headquarters at Jolimont near the MCG.

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  • David Jones teeters on brink of collapse as analyst warns of closure | David Jones squeezes suppl…

    David Jones teeters on brink of collapse as analyst warns of closure | David Jones squeezes suppl…

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    David Jones teeters on brink of collapse as analyst warns of closure

    The unthinkable is now a very real possibility for Australia’s oldest and most beloved department store, David Jones.

    After 188 years as a retail cornerstone, the iconic chain is teetering on the brink of collapse, facing a staggering $74 million loss, mounting debts, and aisles so empty they resemble a ghost town.

    “They are very much on the precipice,” retail analyst Barry Urquhart told 7NEWS, warning that “closure and disposal are very real possibilities.”

    Concern has grown after David Jones posted a $74 million loss in the 2024 financial year and has yet to lodge its most recent financial statement with the regulator, reportedly due last October.

    David Jones squeezes suppliers, cuts staff in fight for survival

    David Jones is delaying payments to key suppliers and cutting head office staff as its private equity owners navigate a make-or-break turnaround of the loss-making department store chain.

    Puig, the owner of luxury brands such as Rabanne, Jean Paul Gaultier and Christian Louboutin, is among the wholesale suppliers whose payments have been delayed by the retailer, according to a person familiar with the matter but not authorised to speak publicly.

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    Warning of David Jones being on the brink of collapse

    Iconic retail store David Jones is on the brink of collapse after a $74 million loss leaves them struggling to scrape by, a retail analyst warns. 

    Department store giant David Jones could be forced to close its doors after 188 years following major financial losses and growing pressure from online rivals.

    The warning comes after the retailer failed to submit its most recent financial statement to the regulator and reported a $74 million loss in the 2024 financial year.

    Retail analyst Barry Urquhart said the prospect of a closure was increasingly likely. 

    Mr Urquhart said shifting consumer behaviours, driven by the rising cost of living, has been a contributor to the department stores decline, as shoppers swap department store price tags for cheaper online alternatives.

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