Big W not for sale, says Woolworths

 In Australia, NewZealand, Woolworths
Woolworths has categorically rejected a report that it is considering selling BIG W, saying the discount department store chain is integral to its growth strategy.
According to a report in The Australian on Wednesday, Woolworths has been in talks with at least two corporate advisory firms about BIG W amid rumours it may mull an initial public offer, a demerger or divestment.
"Woolworths has no plans to sell BIG W, and notes that this market rumour is incorrect," the company said in a statement to the Australian Securities Exchange.
"Our general merchandise businesses, BIG W and EziBuy, are important to delivering our strategy to drive growth by giving customers access to Australasia’s best multi-option apparel and general merchandise offer," Woolworths said.
Earnings from BIG W have fallen 14 per cent in the last two years amid increased competition from online rivals and Wesfarmers’s Kmart chain and steep price drops in categories such as entertainment and apparel.  Sydney Morning Herald – Read more…

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