Australia’s tough retail market may be about to claim the discount store business owned by Kathmandu founder Jan Cameron, with questions growing about the number of stores closing amid reports of mounting losses and unpaid bills.
Cameron acquired Retail Adventures – the operating company behind Go-Lo, Sam’s Warehouse, Crazy Clark’s and Chickenfeed – for AUD70 million (USD72.2m) in 2009, after it collapsed.
The business has reportedly cost her another AUD70m in the past two years alone while a high turnover of senior management has led to Cameron taking the reins in March. A recent boardroom exodus has left her as the sole director.
(Source: The Sydney Morning Herald Online)