Masters saga takes yet another twist
The Woolworths Masters saga is set to take another twist, with the Aussie supermarket announcing a settlement with former joint-venture partner Lowe’s to offload the beleaguered home improvement business for $830 million.
US-based company Lowe’s is reportedly set to hand its share of the joint-venture company Hydrox Holdings (which owns the Masters chain) to Woolies, which will open the door for the retail giant to finalise the sale of the former stores.
The transaction will see the Masters stores owned by Home Consortium, owned by wealthy private investors, who will attempt to install new tenants and formats.
"It's subject to a definitive sale and purchase agreement. At this stage, we're ploughing ahead. It's happening," Home Consortium chairman David Di Pilla said.
"We have been investigating the opportunities that exist in the market for reuse of these sites and plan to work with the respective landlords on these opportunities," a Woolworths spokesperson said.
Woolworths will be happy to see an end to the Masters saga, where the supermarket chain tried to create a market rival to the popular Bunnings hardware outlets.
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