Guest The Pom Queen Posted January 18, 2016 Share Posted January 18, 2016 WOOLWORTHS is finally pulling the plug on its failed Masters experiment. The retail giant said in a statement on Monday it was looking to either sell or wind up its home improvement business, which includes Masters and Home Timber & Hardware, after sustaining heavy losses. Chairman Gordon Cairns said the retailer’s recent review of the business indicated it would take many years for Masters to become profitable. “We have determined we cannot continue to sustain ongoing losses from this business,” he said. “We intend to pursue an orderly prospective sale or windup of the business.” The fate of more than 7000 employees at Masters’ 63 stores across Victoria, News South Wales, Queensland, South Australia, Western Australia and the ACT now hangs in the balance. Mr Cairns said “while we can’t guarantee jobs” the company would try to roll them into the 200,000 Woolworths workforce, the Herald Sun reports. “The 7000 masters staff have done an outstanding job. We as a responsible and caring employer will make every effort to ensure to effect a trade sale or try to find employment where possible within the wider Woolworths group.” Link to comment Share on other sites More sharing options...
Ken Posted January 18, 2016 Share Posted January 18, 2016 It's interesting that this announcement has coincided with Bunnings announcement that it is buying Homebase and so entering the UK and Ireland market. Homebase started life as Sainsbury's Homebase and faired little better against B&Q than Woolworth's Masters chain did against Bunnings. Who knows maybe B&Q will buy Masters and complete the circle? Link to comment Share on other sites More sharing options...
Bobj Posted January 18, 2016 Share Posted January 18, 2016 Might be some excellent bargains in a few days' time. Cheers, Bobj. Link to comment Share on other sites More sharing options...
Parley Posted January 18, 2016 Share Posted January 18, 2016 A shame. I don't mind Master's and have had some good bargains from there. I bought a new lawnmower, whipper snipper, leaf blower, and outdoor furniture at very good prices. It has been good that they have been struggling to compete so they have had good deals from time to time. And sometimes they have 10% off Masters as a voucher on the bottom of Woolworths receipts. Also my son has a casual job there so that was an extra 5% or 10% off sometimes on his employee card. Bad news for him. I doubt whether they will get bought so more likely will shut down. Woolworths said they may take on the Master's staff but since he is a Casual that is probably unlikely. The other silly thing is the Masters near us is huge and is exactly next door to the equally huge Bunnings. Link to comment Share on other sites More sharing options...
ali Posted January 18, 2016 Share Posted January 18, 2016 I didn't like masters, was never able to really find anything I liked. I think it tried to be too many things and didn't quite pull any of them off. For DIY my hubby is a Bunnings man Link to comment Share on other sites More sharing options...
Ken Posted January 19, 2016 Share Posted January 19, 2016 In my business I see a lot of businesses that shop at Bunnings and/or Masters but Bunnings receipts outnumber Masters 10 to 1. Perhaps Masters fared better in the consumer market - but I doubt it. Link to comment Share on other sites More sharing options...
winter1 Posted January 27, 2016 Share Posted January 27, 2016 Just heard Wesfarmers has bought out Home base in the UK and is going to rebrand it as Bunnings no escape now. Oops Ken beat me to it. Although I didn't know it was going to be called Bunnings. Link to comment Share on other sites More sharing options...
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