Woolworths should keep BIG W and Masters, says former boss
Troubled retail giant Woolworths should persevere with its struggling BIG W and Masters chains to avoid a replay of the value-destroying sale of Dick Smith to private equity investors, says former Woolworths executive chairman Paul Simons.
Mr Simons, regarded as one of Woolworths’ most successful executives, told Fairfax Media that BIG W was "nowhere near as bad as it was in 1987", when he took the helm, and the decline in profits could be arrested with the right management.
Similarly, the Masters home improvement chain was "worth persevering" with because there was room in the market for another major player, and Woolworths had already "done the hard yards" by investing more than $2 billion and securing more than 50 sites. Sydney Morning Herald – Read more…
Mr Simons, regarded as one of Woolworths’ most successful executives, told Fairfax Media that BIG W was "nowhere near as bad as it was in 1987", when he took the helm, and the decline in profits could be arrested with the right management.
Similarly, the Masters home improvement chain was "worth persevering" with because there was room in the market for another major player, and Woolworths had already "done the hard yards" by investing more than $2 billion and securing more than 50 sites. Sydney Morning Herald – Read more…
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