South African retailer Woolworths said on Monday the group has entered into an agreement to sell its Australian upmarket department chain David Jones to private equity fund, Anchorage Capital Partners.
JOHANNESBURG, Dec 19 - South African retailer Woolworths
Woolworths paid a big premium to bulk up in Australia via David Jones as part of former Chief Executive Ian Moir’s ambitions to turn Woolworths into a leading southern hemisphere retailer but overhauling the business was taking longer than expected, forcing the retailer to keep writing down the value of the unit.
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