Woolworths to close 100 Dick Smith stores
Woolworths, the parent company of electronics retailer Dick Smith, plans to close up to 100 underperforming stores in New Zealand and Australia.
Australian retailer Dick Smith has a total of 386 shops in Australia and New Zealand, and the parent firm plans to sell consumer electronics chain through its Big W and online operations.
Woolworths announced that prior to selling the chain, it would restructure the company, a move which will include closing up to 100 stores, reported nzherald.co.nz. The affected staff may get job offer elsewhere in the group.
The news of Woolworths' decision to sell the chain came as the group reported weaker-than-expected sales in its core grocery business. The firm's first-half sales rose 5% to $29.7bn.
According to the company website, there are 71 Dick Smith stores in New Zealand, including 19 in Auckland. In 2011, Woolworths announced plans to grow total number of outlets to 117 in fiscal 2012 and improve its online business.
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