Big W To Shut 30 Stores Across Australia In Market Shake-Up
The Woolworths Group announced that it had 'identified' 30 Big W stores for closure.
The store closures will take place over the next three years along with two distribution centres.
Woolworths Group CEO Brad Banducci said the store closures hade been previously "foreshadowed".
“As foreshadowed at our half year 2019 results, while the recovery in trading for BIG W is encouraging and there remains further opportunity for improvement," Banducci said.
He referred to the "speed of conversion to earnings improvement" taking "longer than planned" and that the company will "endeavour to provide affected team members with alternative employment options within the Woolworths Group where possible".
Along with the closures, more cost-cutting measures will be put in place including moving BIG W’s supply chain closer to stores.
Details of which stories will be closed have not been released.
"Store closures will not be released due to ongoing discussions with landlords and in the interim, all stores and DCs will continue to trade as normal," a statement read.
The announcement came at the same time the group announced the sale of its petrol business netted the company $1.1 billion after tax.