DJs boss warns Woolworths of Lew threat
David Jones chairman Gordon Cairns says South African retailer Woolworths should be assessing Solomon Lew’s next move – which may include an offer for Myer – rather than waiting to see whether he accepts a $213 million offer for Country Road.
Mr Cairns, whose brief but successful stint as David Jones’ chairman comes to an end next month when Woolworths wraps up its $2.2 billion takeover, believes Mr Lew has the money, the will and the management expertise to bid for Myer.
Woolworths needed to be prepared to face a new and more powerful competitor if Mr Lew merged Myer with his other retail interests, which include fashion, footwear, toys and homewares.
”If I were Woolworths, I’d not be looking at the first move, which is him [Lew] selling Country Road, I’d be looking at the second move – what he’s likely to do and how can we best compete,” Mr Cairns said. Sydney Morning Herald – Read more…