The retail smash rolls on, with Woolworths announcing that it will close 30 Big W stores over the next three years, along with two distribution centres. From The Australian:
The closure of the Big W stores, representing around 16 per cent of the current store network, is not as bad as some analysts had forecast with Macquarie recently warning that Woolworths could be forced to close down one third of its Big W stores at a cost of almost $800m, as the loss-making general merchandise chain continues to rack up losses above Woolworths expectations and is saddled with $2.7bn in lease commitments.
