Retail slump shakes Millers Retail

Discount retail chain Miller's Retail provided a fresh reminder of the poor trading conditions in the retail sector, with plans for “aggressive sales and stock markdowns” in an effort to shift surplus stock. Miller's – owner of the Go-Lo, Crazy Clark's and Makro chains – said it would take a one-off $55 million write-down. Millers will close 80 of its 1050 stores and may report a loss this year.