The supermarket chain’s conduct in allegedly attempting to tap its suppliers for payments was ‘unconscionable in all the circumstances’,says watchdogSupermarket giant Woolworths has allegedly attempted to tap its suppliers for more than $60m to shore up its balance sheet, the consumer watchdog has said.
The Australian Competition and Consumer Commission (ACCC) is taking Woolworths to the federal court, and alleging the company engaged in unconscionable conduct after developing a strategy to “urgently reduce” its expected half-year gross profit shortfall by the discontinuance of 2014. Related: Australian shares battered after Woolworths profit warning and ANZ target miss Continue reading...
Source: theguardian.com