Australia Looks Set To Lose Another Of Its FAVOURITE Stores
Posted on November 17, 2016
It looks like Big W is set to close or rebrand.
Following the shock departure of their CEO, there has been talks that Woolworths are set to fast-track the sale of the embattled discount department store.
Sources have told The Age, that six months ago the retailer was confident it could fix its problems, but the outlook now looks weak following big inventory clearances and more than $300 million in discounts.
There's no doubt they want to sell this business, one analyst said; "The only issue is the attitude of (Woolworths chairman) Gordon Cairns and his view that Woolworths needed to get the business performing at an adequate level before selling it."
Woolworths boss Brad Banducci, however, said it could take three to five years for their plan of a new Big W to come to fruition, saying ‘Unfortunately, this time horizon is inconsistent with our initial expectations.’
Woolworths have not commented on the future of the company, with the press being told they are ‘’fully committed to Big W's long-term success".