NEW ZEALAND: Kmart Future Hangs In The Balance
Staff at Kmart are waiting patiently to hear about their future after the stores' owner revealed it is trying to pull out of the New Zealand market. Coles Myer, which runs Myer Grace Bros, Target and Kmart, has been under financial pressure for some time, following three profit warnings - including a £1.8 million first-half loss with its Kmart NZ business. The company has assured shareholders it is working hard to get back on track, but is believed to have been considering quitting the loss-making New Zealand market for several months.
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