The Fate Of Hardware Chain Masters Has Been Decided!
Masters stores will close their doors by mid-December after Woolworths decided to pull the pin on its home improvement experiment.
A few of the warehouse stores are going to be converted into shopping centres by its owners.
However, Woolworths have said in a statement that it had ‘’facilitated its exit from home improvement’ with a $1.5 billion three-way deal.
Eighty-two of the sites will be sold to Home Consortium will see the businesses go to
Woolworth’s is likely to make $500 million in profit from the deal.
The company has said ‘’Woolworths will work hard to find Masters employees jobs within the group, or will pay full redundancy where suitable roles are not available.’’
Home Consortium will transform Master into a variety of stores including Spotlight, Anaconda, Chemist Warehouse, JB Hi-Fi, The Good Guys, Super