AUSTRALIA: Coles Myer Axes 1000 Jobs
Australian retail giant Coles Myer yesterday started to shed around 1,000 staff from its Myer Grace Bros, Kmart, Target, Officeworks and Megamart divisions as part of a $32.1 million restructuring programme. CEO John Fletcher said the jobs would be axed in the first stage of a major business-wide shake-up across the company's merchandising and apparel group. 'Operation Right Now', as the initiative is termed, will generate cost savings of at least $90 million a year for general merchandise and apparel (GM&A) by the end of 2004.
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