Home > Industry > Big W Rumours Fly After KordaMentha Hire

Big W Rumours Fly After KordaMentha Hire

Embattled discount department store, Big W, has reportedly hired insolvency firm, KordaMentha, to assist with store closures, sparking rumours of further re-structure and a possible wind-down.

According to The AustralianKordaMentha was hired to help close thirty Big W outlets, whilst negotiating landlord leases.

The firm was also used by parent company Woolworths to liquidate its failed hardware venture, Masters, in 2016.

Some commentators speculate Woolworths could use its Endeavour Drinks de-merger to finance the closure of Big W, with costs tipped to exceed $2 billion.

Back in April, Big W announced it was axing 30 of its 182 stores to boost profitability.

The news comes after Big W post a $85 million full-year loss [before significant items], despite a 4.2% sales lift.

Wesfarmers-owned Target Australia is also implementing several store closures, with many outlets re-branded to Kmart.

You may also like
Wesfarmers Chief Executive Applauds The Budget
EXCLUSIVE: Yale Prima Wobbles As Revenues Plunge, Future JVC, Claims Director Despite Recalls
Big W Sales Grow 18.3% Online up 34%
Pandemic Boom Over, Online Shopping On The Rise, Say Woolworths’ Sales Figures
Kogan Shares Climb As The Company Regains Lost Ground