JB Hi Fi, which recently reported a 39 percent increase in profits, wants a crack at owning the Coles Myer Officeworks group according to the company’s CEO Richard Uechtritz.
“It will be a big ask for us, but we would love to own Officeworks,” said Uechtritz.<\/P>
The JB Hi Fi CEO who is currently witnessing strong sales of computer gear in the JB Hi Fi stores believes that Coles will be sold soon, however, he doubts that the Officeworks operation will be broken out from the Coles Group. “Coles is up for sale and Officeworks is a nice fit for us” he said. <\/P>
He also said that JB Hi Fi which achieved an 8 percent increase in sales last quarter was on track to significantly increase sales of computer gear at the expense of arch rival Harvey Norman which also wants a crack at owning Officeworks.
Harvey Norman executive chairman Gerry Harvey says he would also be interested in buying the Officeworks business in any break-up of Coles Group.<\/P>
Gerry Harvey recently told The Australian newspaper that he had yet to discuss the possible acquisition with Coles, which recently flagged an “ownership review” of all its operations after downgrading earnings forecasts for 2007-08. <\/P>
“But sooner or later those businesses will come on the market and they’ll contact all the parties that they know will be interested,” he said. The stationery, office furniture and business technology retailer, which analysts value at $1-$1.5 billion, would be highly sought-after and the price might be prohibitive, he said.
During an interview last year Gerry Harvey admitted that one of his biggest disappointments was that he did not launch a US style Home Depot in Australia after seeing its operations in the US some years ago. “I missed out on that” he said “It was a big mistake”<\/P>
“I won’t buy Officeworks for the sake of buying Officeworks,” Mr. Harvey told the ABC’s Lateline Business program recently. <\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
JB Hi Fi, which recently reported a 39 percent increase in profits, wants a crack at owning the Coles Myer Officeworks group according to the company’s CEO Richard Uechtritz.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,179],"tags":[],"class_list":["post-83301","post","type-post","status-publish","format-gallery","hentry","category-archive","category-retail","post_format-post-format-gallery"],"yoast_head":"\n