Woolworths to close or sell Masters

After significant speculation due to continued poor performance, Woolworths has finally decided to exit the hardware business. Woolworths CEO Grant O’Brien has announced today that they will seek to sell the struggling hardware chain, failing this, it will be closed. "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," Mr. Cairns said today, "We intend to pursue an orderly prospective sale or wind-up of the business. This enables full ownership of the business by Woolworths in a shorter timeframe and gives us access to the widest range of exit options." In Livewire's 2015 user survey, 44% of our readers correctly predicted the closure in 2016 - though it's likely few expected it so soon. See the full story: (VIEW LINK)