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Woolworths has been weighed down ever since acquiring Australian unit, David Jones, six years ago. The company, along with its recently appointed CEO, Roy Bagattini, say they have a plan to turn around its fortunes.
“We have a clear plan in place that will both strengthen the David Jones balance sheet, and reposition the business for profitable growth,” Jeanine Womersley, WHL Group Head of Strategy and Investor Relations, told Fin24 via email.
Womersley said the group has initiated a review of their capital structure, which includes a full assessment of options relating to the Australian property portfolio, with the view that any proceeds generated will be applied to reducing debt. – Fin24
Bongani Ndlovu