So it’s been confirmed that Mitre 10 is looking at its options, as extracted from the AFR on the 24th Sept 08;
“Hardware group, Mitre 10, staged its annual convention on 23 September 2008. The organisation’s CEO, Bernie Bicknell, claimed that in the past 12 months, a lack of funds prevented the company from purchasing about half a dozen strongly performing stores. Bicknell reaffirmed that Mitre 10 is considering options such as an outright trade sale or a capital injection”
Well I believe it may well be Metcash who is the preferred bidder or injector. The complex franchise structure of Mitre 10 is proving a bit too much of a challenge for the Corporate Heads at Woolworths and they are getting cold feet. Without ultimate control of the entity they think it will be too hard to turn around this loss making network. Metcash on the other hand has the buying experience and understands the challenges of dealing with individual owners at store level. Read More…
Posted under News
This post was written by Tim on September 26, 2008
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