Trailer Magazine

Woolworths profits to take hit amid first Big W store closures

  • Posted on Thursday 18th, July 2019.

Retail group Woolworths has announced the first of three Big W stores to close ahead of its nationwide plan to shut down 30 retail outlets over the next three years.

In a statement Big W confirmed it had reached an agreement with the current landlords of its Chullora, Auburn and Fairfield stores to close each in January 2020.

The decision first announced in April is expected to erode $370 million from its profit margin as part of store and distribution centre network review.

Big W Managing Director David Walker said he acknowledged the hard work and commitment of the team members in the stores.

“These are not decisions we take lightly and we regret the impact the closures will have on affected team members,” he said.

“Supporting our team remains our priority and we are committed to doing the right thing by them,” he said.

There were plans, according to Walker, to explore redeployment opportunities for team members who chose to continue careers at the retailer or with other Woolworths Group brands over the next six months.

"Big W will continue to work with landlords over the coming months as part of the network review and remain committed to building a strong and sustainable Big W that meets the needs of Australian families. BIG W thanks their customers for their ongoing community support," parent company Woolworths Group said in a statement.

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