Harvey Norman buys Megamart stores

Australia's largest retailer, Coles Myer, said yesterday that Harvey Norman would take over six of its Megamart stores while the other three stores in the chain would close.

Coles Myer chief executive John Fletcher said a provision of A$56 million ($60.2 million) after tax was expected to cover the divestment and closure costs.


The Megamart stores reported a loss of A$35.8 million last financial year.