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Global Brands Group posts massive US$598 million loss

Global Brands Group has reported a net loss attributable to shareholders of US$598 million in the year to March.  That followed a loss of $400 million the prior year, but the company claims its restructuring programme involving axing brands and stores is paying off, citing a pre-tax profit of $151 million for the year.  Group sales fell 28.5 per cent to $US1.082 billion, but the company cut $209 million in operating costs  Last year, Global Brands ditched a raft of brands in the U