Australia Apparel Footwear Group Fusion deficit reduction in last fiscal year, Asia Footwear informa - Buy cheap shoes online
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Australia's "Financial Review" reported on January 9th, with Johnston (John Johnston) formally took over clothing, footwear group Fusion Retail Brands, the originally troubled company once again losses. Johnston, 96, is known for developing Godfreys, a retail company for vacuum cleaners. In order to avoid the collapse of the company, the company formerly known as Colorado Australia "financial review newspaper" reported on January 9th, with Johnston (John Johnston) officially took over the clothing and footwear group Fusion Retail Brands, which had troubled the company again at a loss. Johnston, 96, is known for developing Godfreys, a retail company for vacuum cleaners. To avoid the collapse of the company, the former retail group, formerly known as Colorado (Colorado), has set a target for the current fiscal year. The group plans at the end of July this year to close 40 unprofitable stores, cut jobs and re contract talks. It is learnt that the group has no plan to sell its brand in the near future. Fusion the latest group loss attributed to the severe trade situation, on the financial cost and for failing to fulfill the contractual obligations and short-term liquidity loans due to bear $132 million 600 thousand debt. The losses highlighted the pressure on many retailers, and the Productivity Commission found that more than 1/4 of retail businesses were in the red. According to a recent report by regulators, Fusion's deficit for the fiscal year was down from $36 million 700 thousand in the previous fiscal year to $108 million 200 thousand. As of July 26th last year, Fusion's net debt was $121 million, down from $200 million 400 thousand in the previous year's 216 million 500 thousand. Johnston is in charge of the Cooper Financial Corporation (Couper Finance) on Christmas Eve last year became Fusion's holding company, is currently holding more than 80% of the company's equity, the rest owned by Japan's Nomura Securities (Nomura) and other small financial institutions hold. According to this week's annual report, Fusion's ability to continue in the industry depends on its ability to generate sufficient funding through operations and the continued support of Cooper finance". (editor in chief: Asia shoes industry)
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