{"id":41534,"date":"2022-12-16T09:44:30","date_gmt":"2022-12-16T09:44:30","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/woolworths-may-announce-sale-of-australian-chain-david-jones-next-week-insiders-say"},"modified":"2022-12-16T09:50:55","modified_gmt":"2022-12-16T09:50:55","slug":"woolworths-may-announce-sale-of-australian-chain-david-jones-next-week-insiders-say","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/woolworths-may-announce-sale-of-australian-chain-david-jones-next-week-insiders-say","title":{"rendered":"Woolworths may announce sale of Australian chain David Jones next week, insiders say"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Woolworths is nearing a deal to sell Australia\u2019s oldest department store chain David Jones to Anchorage Capital Partners for about A$130 million (R1.6 billion), according to people familiar with the matter.<\/p>\n

In October, Woolworths Chief Executive Officer Roy Bagattini said in the company\u2019s annual report the group was \u201cconsidering all possible options\u201d for the future of David Jones, following years of writedowns, an annual loss and the departure of ex-CEO Ian Moir in early 2020.<\/p>\n

David Jones enjoyed a 55% jump in total sales for the 20 weeks ended Nov. 13 compared to the same period a year earlier when much of Australia was under lockdown, according to a trading update. The rebound saw the retailer\u2019s flagship CBD stores perform \u201cwell ahead of expectations,\u201d even as online sales decreased by around 29%.<\/p>\n

Anchorage\u2019s potential acquisition signals a vote of confidence that the pandemic-induced online shopping habits are not permanent and that vigorous attention to the basics of the business model such as the supply chains and merchandise management could yet prove profitable in the long term provided it is not saddled with excessive debt.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Woolworths is nearing a deal to sell Australia\u2019s oldest department store chain David Jones to Anchorage Capital Partners for about A$130 million (R1.6 billion), according to people familiar with the matter. In October, Woolworths Chief Executive Officer Roy Bagattini said in the company\u2019s annual report the group was \u201cconsidering all possible options\u201d […]<\/p>\n","protected":false},"author":84,"featured_media":41533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,4136,275,4135],"class_list":["post-41534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-david-jones","tag-south-africa-2","tag-woolworths"],"yoast_head":"\nWoolworths may announce sale of Australian chain David Jones next week, insiders say - South Africa<\/title>\n<meta name=\"description\" content=\"Woolworths is nearing a deal to sell Australia\u2019s oldest department store chain David Jones to Anchorage Capital Partners ...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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