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On 13 March 2006, Coles Myer announced it would sell Myer to a consortium controlled by US private equity group Newbridge Capital. The consortium also included the Myer family, who held a 5% stake. The sale was completed for A$1.4 bn on 2 June 2006. [14] Coles Myer changed its name to "Coles Group Limited" in November 2006. [15]
Coles has over 120,000 employees [2] [3] and accounts for around 27 per cent of the Australian market. [4] 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 .
The business venture and corresponding fuel discount offer was launched by Coles Myer (predecessor of Coles Group) in July 2003 in response to the similar offer by rival Woolworths some years earlier, proving attractive to shoppers. Coles Myer purchased the retail business of Shell Australia multi-site franchisees for $94 million. [3]
Coles Myer Limited: CML 1 January 1992 25 November 2005 Low amount of trading [278] Wrightson Limited WRI 19 November 1993 7 October 2005 Acquired by Pyne Gould Guinness. [279] [280] [281] Ports of Auckland: POA 1 October 1993 27 July 2005 Acquired by Auckland Council [282] [283] [284] Nuhaka Farm Forestry Fund NUH 21 December 1973 30 June 2005
On 17 August 2005, Coles Myer announced that within 12 months, it would decide to demerge, divest or retain Myer. Thirteen expressions of interest were made for all or part of Myer. [18] On 13 March 2006, Coles Myer announced it would sell Myer to a consortium controlled by US private equity group Newbridge Capital. The consortium also included ...
It bought shares in a company called Premier, a major shareholder in Coles-Myer controlled by then Executive Chair of Coles, Solomon Lew. It guaranteed Yannon against any losses in the share deal, eventually costing Coles $18 million. Coles retrieved $12 million in a later agreement between itself, Mr Lew and with other parties.
Both Woolworths and Coles Supermarkets have come under scrutiny in 2023–2024 due to their alleged collaboration in price gouging. Together, the two form a duopoly in the Australian supermarket industry colloquially known as Colesworth. [75] The supermarket chain claims this is an ongoing effect of the global 2021–2023 inflation.