AAP
JANUARY 18, 2016
Retail giant Woolworths is looking to either sell or wind up its struggling home improvement arm, which includes the Masters hardware chain, after sustaining heavy losses.
Chairman Gordon Cairns says the retailer’s recent review of the business indicates it will take many years for Masters to become profitable.
“We have determined we cannot continue to sustain ongoing losses from this business,” he said in a statement on Monday.
“We intend to pursue an orderly prospective sale or wind-up of the business.”
Posted in Industry News
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