Woolworths slugged with $11m plus in damages after losing Masters case

 In Australia, Hardware, NewZealand, Woolworths
A landowner has won his battle against Woolworths for abandoning its lease over a Masters store in the regional Victorian city of Bendigo, delivering an $11 million-plus blow to the retail giant.
The Supreme Court of Victoria found Woolworths had failed to act in good faith with private property developer North East Solution after it ditched a deal with the company to chase a lease on another site in Bendigo being pursued by rival hardware chain Bunnings.
The victory for Brendan Blake, who was represented by Tisher Liner FC Law, leaves a red face on Woolworths’ outgoing chief executive Grant O’Brien,  who was closely involved in the deal.
It also marks another nail in the coffin of Woolworths’ disastrous foray into the home improvement sector. Ten days ago, Woolworths said it had decided to exit from its Masters joint venture with US hardware giant Lowe’s. Sydney Morning Herald – Read more…

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