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Coles Group was previously known as Coles Myer (1986–2006) By the 1980s, Coles primarily operated supermarkets, whilst Myer operated the department store chains Myer and Grace Bros, as well as the Target discount variety store chain in Australia, and fast food restaurant chain Red Rooster (which it acquired in 1981). [9]
In 1985 the Myer Emporium (and Target, its discount department store) merged with GJ Coles & Coy forming Coles Myer, then Australia's largest retailer. [13] Myer remained a distinct entity within the new corporate structure until it was sold in 2006.
In August 1985, Myer Emporium Ltd and GJ Coles & Coy Ltd merged to become Coles Myer Limited. In 1996, Coles Myer merged the Target and Fosseys brands, [6] and their first speciality store Baby Target was established. [citation needed] Then in 1998, their second speciality store, Target Home opened.
Coles has over 120,000 employees [3] [4] and accounts for around 27 per cent of the Australian market. [5] Coles Online is the company's online shopping ('click & collect' and home delivery) service. Between 1986 and 2006, Coles Supermarkets was a brand of Coles Myer, later Coles Group, prior to Wesfarmers purchasing Coles
An internal company investigation in 1995 exonerated Lew but accused Quinn of helping organise a secret underwriting of the share transaction which cost Coles Myer $18 million. [ 6 ] In 1997, Quinn was charged with fraud after spending almost $4.5 million of shareholder funds on renovations to his mansion home in Templestowe .
Kmart Australia Limited was created out of a joint venture between G.J Coles & Coy Limited (Coles) and the S.S. Kresge Company, owner of Kmart USA. Kresge owned 51% of the common stock in the company and Coles owned the remaining 49%; together they began to develop Kmart stores in Australia in 1968.
Coles is a national supermarket, department store. liquor, fuel and convenience retailer in Australia. As of September 2013, Coles operated 756 full-service supermarkets, 810 liquor outlets, 92 hotels, and 636 fuel and convenience stores. Wesfarmers bought Kmart and Target when they bought Coles. Coles employs more than 105,000 staff. [13]
He attempted to open three Lindsay's Target supermarkets in South Australia, but they were unable to compete with the Coles and Woolworths supermarkets. [6] Myer stepped down from his position as executive director in 1972 but remained on Myer's board. After Ken Myer's retirement, Myer became the non-executive chairman of the board in 1978.