Woolworths axes Masters

Yesterday Woolworths announced it was taking the first steps to end its failed foray into home improvement.

Back in 2009, we expected Wesfarmers to win hardware battle. Six years later Woolworths has in fact conceded defeat, and will now ‘pursue an orderly prospective sale or windup of the [Masters] business’. Woolworths’ home improvement experiment is at an end.

Before the sale – or more likely windup – can take place, Woolworths has to resolve Masters’ ownership structure. It will therefore purchase the 33% stake in Masters owned by Lowes, Woolworths’ joint venture partner in the business.

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