Woolworths has announced plans to sever ties with home improvement business, Masters.
The supermarket giant made the announcement to the Australian Securities Exchange (ASX) this morning, saying it would take many years for Masters to become profitable and it “cannot sustain ongoing losses from this business”.
Woolworths had been involved in a joint venture with retailer Lowe’s across the Masters brand. However, Lowe’s has announced its intention to exercise its put option (the selling off of assets at an agreed price) of the home improvement company.
This led to Woolies exercising its call option – the option of buying assets at an agreed price.
In a statement to the ASX, Woolworths chairman Gordon Cairns said: “Following the exercise of our call cation, 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.
“Whilst we will move as quickly as possible, the put and call options process will take at least two months to complete and following this a potential sale process or other exit process will take additional time. The business will continue to trade through this period.
“Our top priority is to do the right thing by all stakeholders.”
Per the ABC, Woolworths had been trying to compete with the likes of Bunnings, which is owned by Wesfarmers.
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