The board of under-performing Australian retailer Coles Myer met on August 14 to finalise its 2000-2001 report.

Some analysts have suggested that cost-cutting reviews could result in Coles adding $A20m-$A30m more to the $A85m the group flagged on 19 July 2001 as being a likely write-down figure for the "horror" year.

They reasoned that the board will be anxious to off-load as many abnormal losses as possible, to start the balance sheet relatively afresh for 2001-2002.

It is reported that Coles' directors also discussed a replacement for CEO, Dennis Eck, and further restructuring options in the group's non-food assets.


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