In a press release today, Woolworths have announced that they intend to exit their home improvement businesses including both Masters and the Home Timber and Hardware group.
The release noted that Woolworth’s recent review of operating performance indicated that it will take many years for Masters to become profitable. Due to this performance Woolworths have determined that they cannot continue to sustain ongoing losses from this business.
NGIA is investigating the potential impacts to industry suppliers of these businesses and will provide information as it develops.
The press release from Woolworths can be found here.