Woolworths receives several non-binding offers for David Jones
Several offers have been made for Woolworths' troubled Australian David Jones properties.
Woolworths Holdings has received several non-binding offers for its remainder Australian David Jones properties.
This comes after CEO Roy Bagattini announced a review of Woolworths’ Australian real estate assets in May as it battled the fallout from Covid-19.
The company said in a statement that the non-binding offers were for the potential sale and leaseback of the real estate of its struggling David Jones department chain. “Although some progress has been made, our David Jones business has simply not transitioned fast enough,” Bagattini told analysts during a results presentation.
Woolworths said discussions were progressing with the Australasian landlords for its David Jones portfolio on rent abatements and reductions in floor space.
The group also said it was reviewing the strategy and execution of its struggling South African fashion, beauty and home business, with hopes of “fixing and repositioning” a division in which fashion “mistakes” have been occurring in the past two years.