Woolworths has 161 million reasons to wind up Masters

 In Australia, NewZealand, Woolworths
Woolworths profits would rise 5 per cent and the retailer could generate $161 million in cash by pulling the plug on the loss-making Masters chain, according to Deutsche Bank.
Woolworths, which has invested $2.2 billion into its home-improvement joint venture with United States retailer Lowe’s since 2009, would have to book $1.6 billion in non-cash asset write-downs if the board bowed to shareholder pressure and agreed to close or wind up Masters.  Sydney Morning Herald – Read more…

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