Even the big guys make mistakes. Retail giant announces that they will close all the Masters stores by end of December 2016.
Woolworths plan to recover about 1.5 Billion dollars by selling the Masters. they have 82 Masters shops around Australia.
They employee over 7,700 staff for their hardware stores. most probably most of them will get Jobs at Woolworths.
SDA National Secretary Gerard Dwyer mentioned that the union had commenced discussions with Masters and Woolworths regarding job losses.
“This is a devastating announcement for some 6,000 staff in light of recently improved trading and positive signals that some parties were interested in the business as a
going concern,” Mr Dwyer said
Home Timer & hardware was the first attempt by Woolworths’ to take on Wesfarmers’ Bunnings, before setting up Masters brand in 2011.
The strategy has failed spectacularly with Woolworths expected to write off Masters as a discontinued business at a cost of $2.7 billion in its full-year results. abc.net.au