Home > Latest News > David Jones Owner Outlines Plan To Sell

David Jones Owner Outlines Plan To Sell

Woolworths Holdings has confirmed it is actively seeking to offload David Jones, outlining its intentions in a note to investors.

In the retailer’s annual report, Woolworths CEO Roy Bagattini said the department store giant is in a favourable financial position.

“Whilst we will continue to refine our strategies, our focus is now primarily on execution, and we have already made demonstrable progress in this regard over the past year,” he wrote.

“David Jones is now debt free, self-funding, and has a clear roadmap to improving profitability, and as such, we are in a favourable position to explore all future options in respect of this business, and how best to further unlock value for the group and our shareholders.

“Having successfully executed against our balance sheet and income statement priorities, we are now evaluating all possible ­options to unlocking value for Woolworths Holdings and its shareholders.”

Bagattini confirmed there had been no further flow of capital from Woolworths Holdings to David Jones.

“In fact, we repatriated R1 billion ($86.3 million) during the year, and used these proceeds to reduce our debt,” he said, sharing plans to repatriate a further R500 million ($43.15 million) in the coming weeks.

Woolworths Holdings has no plans to sell its Country Road Group, which includes Country Road chain stores, Politix, Trenery, Mimco and Witchery.

 



You may also like
Big Retailers Fighting Back Against Damaging Labor Policies In OZ & UK
Millions Of Dodgy Lid Stanley Mugs Recalled Due To Users Being Burnt
David Jones Looks To Refinance $190 Million Loan
David Jones Boss Optimistic About Consumer Spending, To Launch New App
OZ Customers Want More Discounts Than Ever Before

Popular Posts

Amazon Readies Its AI-Empowered Alexa
Latest News
/
/
Apple iPhone 16 and iPhone 16 Plus
Samsung Tipped To Increase iPhone OLED Display Production
Latest News
/
/
Microsoft Embroiled In European Search Engine Probe
Latest News
/
/
Old Smart Devices Loom As Massive Security Risks
Latest News
/
/
JB Hi Fi Shares Surge Then Slump Despite Good January As Profit Takers Move In
Latest News
/
/

Digital Magazines

Recent Post

Amazon Readies Its AI-Empowered Alexa
Latest News
/
//
Comments are Off
Amazon is tipped to launch a massive upgrade that turns Alexa into a fully featured Generative AI empowered chatbot. It...
Read More