Retailer Harvey Norman to close stores, as slowdown continuesFont Size: Decrease Increase Print Page: Print December 08, 2008 Article from: Australian Associated Press RETAILER Gerry Harvey is warning some of the stores in his Harvey Norman empire will close during the next six months because of the economic slowdown.
Sales in all key areas of the business - furniture, electrical and computers - had slumped 3 to 4 per cent in recent months, he said.
The retailer's pre-tax profit fell by 32 per cent in the three months to September.
"We're looking at closing not a lot of stores, but some stores between January and June (2009),'' Mr Harvey told ABC Radio.
But he also admitted the retailer was looking to open new stores as well.
Every retailer in Australia was under stress at the moment.
"I don't think there's one strong person left,'' he said of his competitors.
Eligible families and pensioners start receiving their share of the Government's $10.4 billion economic stimulus package on Monday, and Mr Harvey expects some people will spend their cash bonus before Christmas.
"How much, I don't know,'' he said
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