Woolworths finds buyer for Dick Smith
Woolworths is selling electronics chain Dick Smith to private equity group Anchorage Capital Partners for a bargain price of $20 million, ending an eight-month search for a buyer.
Woolworth’s CEO Grant O’Brien this morning said that selling the eletronics business was part of a broader review of the company’s assets.
"The businesses were a small part of Woolworths and this divestment will allow us to be fully focused on the core parts of our business," he said.
Under the terms of the deal, expected to close in late 2012, Sydney-based Anchorage will buy 100 per cent of the business, which employs 4500 staff and runs 325 stores. Sydney Morning Herald – Read more…