Big W to shut 30 stores across the country

30 Big W Stores Are About To Shut Down

30 Big W Stores Are About To Shut Down

Woolworths has confirmed it's closing thirty Big W stores over the next three years, amid persistent rumours the embattled department store is scoping for a buyer.

In a statement released by Woolworths Group, who own Big W, it was revealed the distribution centre in Monarto in South Australia was also due to close in 2021.

In its report last month, Macquarie noted that half of Big W's stores are located in challenging centres, many of which are regional, and that these locations are unlikely to give the brand the sales it needs to return to profitability.

The store closures will make up around 16 per cent of Big W's network.

The store closures depended on the terms of the lease agreements Woolworths has with landlords - with the duration of leases being 10 years on average.

Big W said it cannot name the affected stores due to ongoing talks with landlords, with all stores to trade as normal until more information is released. The company said all stores and DCs will continue to trade as usual. The remainder will comprise of $100 million (US$71 million) in non-cash asset impairments, which Woolworths blames on a more conservative level of margin recovery expected from BIG W due to a growing number of customers preferring to buy online instead of in brick and mortar stores.

WWE Announces Title Match For WrestleMania 35 "Go-Home" Edition Of RAW
This week's episode of WWE Monday Night Raw will be the go-home Raw for WrestleMania 35, and WWE has added a title match to the show.

Woolworths expects its department store business to record a loss before interest and tax for FY19 of $80 to $100 million, slightly below the $110 million loss felt in FY18.

As a positive for investors, Woolworths has also announced it completed the $1.7 billion sale of its petrol group to EG Group, enabling the retailer to commence a $1.7 billion off-market share buyback.

Woolworths asserts it will seek to provide affected team members alternate roles within the group where possible.

"It will accelerate our turnaround plan through a more profitable store network, simplifying current business processes, improving stock flow and lowering inventory", he said.

At 12:34pm (AEDT) Woolworths shares had jumped 2.2 per cent to $31.06.

Recommended News

  • Kentucky holds on to beat Houston, PJ Washington key

    Kentucky holds on to beat Houston, PJ Washington key

    Senior guard Corey Davis Jr. and junior guard Armoni Brooks led the Cougars back from the brink, but it was not enough to win. The second-seeded Cats will advance to the Midwest Regional final to face SEC rival Auburn on Sunday at 2:20 p.m.
    Lakers host the Hornets in cross-conference contest

    Lakers host the Hornets in cross-conference contest

    Los Angeles will be without Lonzo Ball , Brandon Ingram and Josh Hart who have all been shut down for the remainder of the season. Los Angeles Lakers forward/center Mike Muscala (leg) is available to play Friday versus the Charlotte Hornets .
    Teenage African migrants charged with hijacking tanker after sea rescue

    Teenage African migrants charged with hijacking tanker after sea rescue

    But political tensions around migration run high in the EU, especially ahead of European Parliament election in May. One of the suspects is escorted out of the couthouse in Valletta .
  • British PM May mulls fourth try on Brexit deal

    British PM May mulls fourth try on Brexit deal

    None of the eight options put to parliament last week won a majority, but there were signs of support for a softer Brexit. Ms Thornberry also said "it looks like the time may come" for another attempted no confidence vote in the government.
    Candace Bushnell's next project: A book for the #MeToo era

    Candace Bushnell's next project: A book for the #MeToo era

    Paramount Television is said to be looking into the series, which is similar to the original Sex and the City , but with a twist. There is no trailer as Is There Still Sex in the City? is still being developed.

    Mark Hamill to voice Chucky Doll in Child’s Play reboot

    Lars Klevberg , who previously helmed the horror flick Polaroid (which still hasn't been released), is in the director's chair. Fans bellowed their excitement when Hamill appeared on overhead video screens in a taped greeting.
  • Eurostar: Man with English flag brings service to a halt

    Eurostar: Man with English flag brings service to a halt

    Southeastern had to alter some journeys but has advised passengers they could use London Underground and Thameslink services instead at no extra cost.

    Nepal thunderstorm: At least 25 killed, over 400 injured; Army called out

    Bara district is located 120 kilometres south of the capital, Kathmandu , and borders India's eastern state of Bihar. The National Emergency Operation Centre said the injured are undergoing treatment at various health facilities.
    Busch Kicks Off Texas Weekend With A Truck Victory

    Busch Kicks Off Texas Weekend With A Truck Victory

    Jimmie Johnson is starting on the NASCAR Cup pole at Texas, where Kyle Busch is going for a tripleheader weekend sweep. With 55 laps remaining in the second stage, Elliott held a small advantage over Kyle Busch with Joey Logano in third.
  • New Zealand PM Ardern Arrives at Memorial Service for Christchurch Victims

    New Zealand PM Ardern Arrives at Memorial Service for Christchurch Victims

    Heads of state from Pacific countries, including Fiji's President Jioji Konkrote will also be in attendance, she added. Prime Minister Jacinda Ardern spoke at the televised event, along with Muslim leaders and a survivor of the attack.
    Dodgers Stadium Parking Lot Fight Leaves Man On Life Support

    Dodgers Stadium Parking Lot Fight Leaves Man On Life Support

    The latter fell to the ground after one punch, police said, and a witness immediately alerted facility personnel and police. On Saturday night, the LAPD said the incident was being labeled an assault, and was no longer considered an altercation.
    Apple announces its own credit card

    Apple announces its own credit card

    The "no late fees" feature on the cards was added to help customers avoid extra financial burden from credit card bill payments. Maybe we'll hear more at WWDC? It's good to see Apple following the digital bank playbook, pioneered by Starling.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.