IVE Group (ASX:IGL) report Coles to scale back printing
IVE Group (ASX:IGL) has been informed by Coles supermarket (AX:COL) that they intend to scale back its use of the printed medium for catalogues.
From September 9, Coles will stop distribution of its weekly catalogue which goes to around 7 million households each week, distributed by 14,000 walkers.
Instead they will increase the volume of its in store copies and continue to produce the monthly Cole in-store magazine.
The change will reduced IVE's revenue by $35 million to $40 million per annum.
Shares in the IVE Group (ASX:IGL) are trading 18.13 per cent lower at 66 cents.
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Source: Finance News Network
