Woolworths will gain about $1.5 billion from exiting its home improvement division, including selling the property of the troubled Masters chain.
The company says it will work hard to find Masters employees jobs within the group or will pay full redundancy. There are 7,700 staff in the home improvement businesses
The retailers says Masters will cease trading by December 11.
A consortium of Aurrum Group, Spotlight Group and Chemist Warehouse will buy the Masters properties, including 40 freehold trading sites, 21 freehold development sites and 21 leasehold sites.
Home Consortium plans to repurpose the former Masters sites into multi‐tenant large format centres
http://www.*.com.au/woolworths-is-about-to-announce-a-deal-on-its-masters-business-2016-8
I doubt they will be able to absorb 7700 staff in a short time .
Another cost for the balance sheet with all those redundancies.
Ann: Trading Halt-WOW.AX, page-29
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