KEY POINTS:
The Warehouse founder Stephen Tindall wasn't talking about the imminent takeover battle for his creation yesterday, but he did signal that if he still ran the company, another foray into Australia would be on the cards.
Tindall - who tried and failed to buy back the Red Sheds last year - told the Thrive Auckland conference that if he had the chance to take the company into Australia again, he would take a radically different approach.
"[I would] not buy a broken-down business and try to resurrect it."
The Warehouse lost about $400 million in Australia through the purchase of 115 Clint's Crazy Bargains and Silly Solly's stores in 2000. In March, CEO Ian Morrice said the company was looking at the assets of Australia's Coles Group, the country's second-largest retailer.
However Tindall, now a non-executive director of the 127-store retail chain but with effective control of 51 per cent of the stock, said a different approach was necessary for another Australian adventure.
"I think we need to be able to do it from scratch with brand-spanking new Warehouse Extra-type stores."
With the Commerce Commission's decision on whether Foodstuffs or Woolworths is allowed to bid for The Warehouse postponed to May 25, Tindall refrained from commenting on the competing interests, or on rumours that Pacific Equity Partners and UK retail giant Tesco could also enter the fray.
