The Lindsay Fox-controlled monopoly has engaged former ACTU secretary Bill Kelty to lead negotiations with major banks over a rescue package.
Already a subscriber?Coles will hoard cash over Easter to protect the supermarket from the risk that Armaguard, the money transit provider controlled by Lindsay Fox, collapses.
Coles has paused deliveries from Armaguard until next Friday over concerns about the stability of the cash delivery service.Coles confirmed it has paused all Armaguard delivery services until April 5. This was driven by concerns its cash might be stuck in trucks should the company enter administration. Linfox has only guaranteed the survival of its subsidiary until April 3., to relieve financial pressure for the next few months.
Cash transactions are still available in all Coles and Liquorland stores, but staff have been told to move to card only payments if cash reserves become too low. Delays in responding to the offer have also been caused by briefings Armaguard has been providing to Prosegur, based in Spain. The two companies are bedding down a merger, approved last year, four months before, citing larger-than-expected losses as the use of cash continued to declined.
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