Woolworths to close dozens of stores, cut 500 jobs

Woolworths will slash 500 jobs and close dozens of underperforming stores in an almost $1 billion restructure. 

The company has also separated its Big W department store chain from online retailer Ezibuy, ramping up speculation it is preparing for a quick sale of both entities.

Chief executive Brad Banducci, who started in the role in February, said a new operating model would see long-term performance measures introduced, including "sales per square metre" and "return on funds employed".

About 500 jobs will be permanently removed from Woolies' support office and supply chain, while 1000 people will be moved "directly into our businesses to improve accountability and help us better support our store teams and customers", Mr Banducci said in a statement.

Last modified onMonday, 25 July 2016 02:57