Business Services Industry
AUSTRALIA'S DAVID JONES EXITS FROM 4 FOODCHAIN BUSINESSES.
AsiaPulse News, July, 2003
SYDNEY, July 9 Asia Pulse - Australian upmarket retailer David Jones Ltd (ASX:DJS) has exited its four Foodchain businesses, paying $A10.2 million ($US6.73 million) to break free from the troubled division.
David Jones chief executive Mark McInnes said today the retailer had negotiated the lease agreements for the four Foodchain sites at St Kilda, Brighton, and Hawthorn in Melbourne, and Manly in Sydney.
David Jones announced it would make the move last month when it briefed the market on its strategic review, saying it would concentrate on its core department store and credit card businesses.
Freedom Group Ltd entered into an agreement to take on the four leases to convert the sites into its Bayswiss stores, with the agreement subject to landlord...
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