Masters Set To Disrupt Market With Massive Liquidation Sale In December
Woolworths is planning to dump millions of dollars’ worth of discounted Masters, stock into the Australian market over the months of November and December, in a move that could disrupt the market during a peak buying period.
Among that stock is millions of dollars’ worth of appliances, electrical tools and lighting and automation stock.
Masters staff have been told that a “final decision” will be issued to staff in the first week of November, indications are that the Company is planning on liquidating stock and selling off their property portfolio.
Insiders have told ChannelNews that there is “little chance” of a trade sale of Masters as a going concern and that the Company is now planning for a massive sale and sell off of assets.
Several Companies including The Good Guys, South African conglomerate Steinhoff International and Harvey Norman have expressed an interest in buying various Masters properties.
Inside Retail reported last week that Markus Jooste, CEO of Steinhoff International, has been in Australia to talk with Woolworths.
At the same time both Myer and David Jones are struggling to decide as to whether they will stay in the consumer electronics market.
Sources who supply both retailers with house brand and branded consumer electronics and appliances said that is a “real possibility” that both department stores could decide to drop consumer electronic products.