Vodafone closes Crazy John's
Up to 40 Crazy John's stores are expected to close over the coming weeks with the remaining 20 or so to be turned into Vodafone stores - its parent company.
Vodafone bought the company from the widow of Crazy John's founder, John Ilhan, in 2008 for an estimated $150 million.
As many as 300 jobs are at risk with a Vodafone spokeswoman saying that they will try and re-employ as many people as they can within the company.
She commented: "We are continuing to focus our investments on our network to provide customers with better mobile coverage and fewer dropped calls.
"By prioritising our spending to improve the network, we've had to make some tough decisions."
John Ilhan can be considered one of Australia's greatest success stories - a Turkish immigrant growing up on the streets of Melbourne who became one of the country's richest people under 40 years of age.
He died in 2007 at the age of 42 from a heart attack - at the time of his death he owned the second largest independent telecommunications retailer.
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Posted by Eve Gillespie