Sale a re­lief for Woolies

The Gold Coast Bulletin - - NEWS -

WOOL­WORTHS has fi­nalised its exit from its dis­as­trous Mas­ters hard­ware ven­ture by com­plet­ing the sale of its store sites.

The re­tail heavy­weight said yes­ter­day it had com­pleted the sale of Hy­drox – the joint ven­ture com­pany it set up with US group Lowe’s to run Mas­ters – to the pri­vately owned Home In­vest­ment Con­sor­tium for a head­line sale price of $525 mil­lion.

Wool­worths pre­vi­ously said the cap­i­tal losses as­so­ci­ated with the sale of Hy­drox were about $1.8 bil­lion. Shares in Wool­worths close at $24.92.

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