Australia's Armaguard, the country's sole cash delivery service, is on the brink of collapse despite efforts to secure a bailout, with ongoing crisis talks failing to yield a rescue deal. This has raised concerns about the impact on Australia's cash supply, particularly over the Easter long weekend. Coles supermarket and liquor stores, facing industry-wide issues, have limited cash withdrawals to $200 per customer and plan to hoard cash in anticipation of Armaguard's possible collapse. The situation has led to fears that Coles and other stores might temporarily become cashless over the holiday period. Armaguard has rejected a $26 million lifeline deal, opting instead to negotiate with customers individually, although the rejection of the deal has raised questions about the company's future viability.
After asking for financial support and walking away from $26 million on offer, Armaguard will try to negotiate with customers individually, but good faith may have eroded along the way. https://t.co/g1YE62JA0M
Armaguard has rejected a lifeline deal worth $26 million to prevent it from becoming insolvent. https://t.co/tonNGxLi7C
Australia's Armaguard secures funding from parent, rejects rescue deal https://t.co/a00sbuBPd8 https://t.co/qSJLruhrNs
Every year, NSW's supermarkets and bottle shops close for a whole day, leaving the nation high and dry. Here’s where you can and can’t shop over the Easter weekend: https://t.co/xbTqL9cGXS https://t.co/WzKV5Af4qz
Armaguard rescue deal all but dead as it looks to negotiate https://t.co/fL1kDBsT1X
Coles halves cash withdrawal limit in supermarkets amid fears of Armaguard collapse https://t.co/pXbbRJqZNo
While some grocery stores will close all locations on March 31, many grocery and pharmacy chains will stay open or operate under reduced hours #EasterSunday #Easter https://t.co/NA3yt75wiD
Here's what is open or closed on Easter weekend in Toronto https://t.co/oEsuMiK5W0 https://t.co/ov7e8xRMAA
Armaguard on the brink of collapse https://t.co/LR9jt06wOW
Hop into these springtime events this Easter long weekend in Toronto, via @DenetteWilford https://t.co/KLKp9vIfj8
Good Friday and Easter 2024: What’s open and closed in Cambridge, Kitchener and Waterloo https://t.co/KeByb5N4eo https://t.co/bVZiiZh3Bc
Coles will hoard cash over the Easter break in case Armaguard collapses with a rescue deal for the money provider in danger of faltering amid ongoing crisis talks. Read more: https://t.co/pRDdy8uFBO https://t.co/Kcf5qLSRMj
Coles limits cash withdrawals to $200 per customer, amid fears the nation’s only cash delivery service, #Armaguard is about to fold. @FinancialReview https://t.co/4ODy2LCRe5
There is a potential for Coles supermarket and liquor stores to temporarily become cashless over the Easter long weekend due to “industry wide” issues. https://t.co/VKKb9zN535
Further talks to bail out Australia’s one remaining cash delivery company @armaguardgroup have failed again. What does it mean for Australia’s cash supply? I’ll be reporting on it @10NewsFirst at 5pm