By Phil Boeyen, ShareChat Business News Editor
|
Tuesday 7th August 2001 |
Text too small? |
The company says it has terminated its joint venture arrangement with Care Chemists, which was set up two years ago with the expectation of a change in current legislation.
"In 1999 when The Warehouse entered the joint venture, there was an expectation that the pharmacy business would be deregulated thereby permitting pharmacies to be located within The Warehouse stores," the company says.
"With little prospect of pharmacy deregulation, the company has decided to exit this business."
The company says it will no longer have a financial interest in the Care Chemist franchise business or the individual Care Chemist pharmacies and will incur an estimated after-tax charge of $1.5 million in the financial year just ended.
No comments yet
The Warehouse Group
Warehouse FY profit jumps 61 percent on property sales, acquisitions
Warehouse firms up plans to pay more for staff with training, long service
Warehouse Red Sheds, stationery boost 3Q sales, FY guidance unchanged
Warehouse seeks better workforce with higher pay, more training
Warehouse almost doubles 1H profit on property sales, dividend beats expectations
Warehouse buys majority stake in online retailer Torpedo7 for up to $33M
Warehouse buys unprofitable Noel Leeming chain for $65M
Warehouse 1Q sales rise 1.9% as stationery leads growth
Warehouse buys Insight Traders
