Electronics retailer Harvey Norman has started closing stores due to economic downturn and falling margin.
Mr Harvey was forced to close two Harvey Norman stores in Australia and more were scheduled after pre-tax profit fell by 32 per cent in the three months to September. According to him, stores in Ireland is a catastrophe and it had been a big mistake to open stores there. Sales in Singapore and Malaysia are good but not great. New Zealand, like Australia is also not bad.
From his statement, I bet Ireland stores are next in line to be closed. Will stores in Singapore be closed too? Prepare for closing down sales and grab whatever is cheap.
Note: The below report is dated Nov 2008.
Harvey Norman closing stores as slowdown cuts margins [via]
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