Aboud, Believed To Be Working on New Retail Bid With Anchorage Capital
Anchorage Capital Partners the company that acquired and sold the Dick Smith retail group is now going after the Woolworths owned home timber and hardware retail chain.
Channel News understands that the former CEO of Dick Smith Nick Abboud, has been working on the proposal with Anchorage capital management.
The move comes as a group of high net worth investors go after Woolworths Masters portfolio also chasing the Masters business is New York-based asset manager Blackstone Group.
The Australian newspaper said that While Woolworths has yet to select a buyer for either business, it is understood the supermarket chain may have advanced to the preferred bidder phase.
The final offers from these contenders has been extended until August 25, when the supermarket chain is due to publish its annual results.
However, it is expected the group will unveil a decision before then in an effort to maintain the focus on its turnaround strategy.
Investors recently embraced Woolworths’ latest attempts to staunch the bleeding, with the news of 500 job cuts and the closure of 30 stores providing a fillip to the share price.