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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.

 



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