Woolworths to Pursue Sale or Wind-up of Home Improvement Business
18 Gennaio 2016 - 12:21AM
Dow Jones News
By Rebecca Thurlow
SYDNEY--Australian retailer Woolworths Ltd. (WOW.AU) said it
will sell or wind up its struggling home improvement business
Masters.
"Our recent review of operating performance indicates it will
take many years for Masters to become profitable. We have
determined we cannot continue to sustain ongoing losses from this
business," said Woolworths Chairman Gordon Cairns.
Woolworths' joint venture partner in the business, Lowe's Cos
(LOW), plans to first sell its stake to Woolworths.
"This enables full ownership of the business by Woolworths in a
shorter timeframe and gives us access to the widest range of exit
options," Mr. Cairns said. "This important decision allows
Woolworths to focus its energy and resources on strengthening and
executing its plans in our other businesses."
-Write to Rebecca Thurlow at rebecca.thurlow@wsj.com
(END) Dow Jones Newswires
January 17, 2016 18:06 ET (23:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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