Masters harware stores under pressure.

T

TheEnd

Well-Known Member
Wife msg'd me this afternoon saying that Woolworths have decided to let the Masters hardware store brand go as its losing $200,000,000 per year.

Pretty shocking news after the Dick Smith announcement last week.

I've got a bad feeling that these types of stories are going to become more and more popular throughout this year as the Oz economy continues to struggle along??? :mad:

http://www.news.com.au/finance/busi...s/news-story/c63098f3175b9b2cf43f48eb15358ba8
 
Stoic Phoenix said:
Any source on $200 million a year loses?
its in its 5th year now?
Click to expand...

I just got home from local pub and one of my mates reckons he heard about the story on the radio and they said the losses were $200,000,000 per year.

Lets hope someone buys the business and keeps it running.

9,000 jobs are on the line.
 
Stoic Phoenix said:
Any source on $200 million a year loses?
its in its 5th year now?
Click to expand...

"Comparable supermarket sales across food and liquor were down 0.7 per cent in May and June, and Woolworths now expects to post a full-year profit of $2.15 billion compared with $2.45 billion last year.

In the same announcement, Woolworths revealed a further 800 job cuts, bringing the total to 1200. Asked during an investor briefing what he would say to the 1000-plus people losing their jobs, "largely because of problems with Masters", chairman Ralph Waters said it had "nothing to do with Masters".

Whether or not that's the case, the business lost $176 million last year, a blowout of 12.4 per cent on its $156.6 million loss in the 2013 financial year. That number is expected to exceed $200 million this year."

http://www.news.com.au/finance/busi...s/news-story/5ac2de91e1819c883bb5efac3ba6f10f

It seems like a projected "loss" of 200 mill ... not a real loss .... big business expects to make mega profits all the time ...
 
markc said:
So you got a job working in a pub?
Click to expand...

No i'm unemployed at the moment, just went for a few drinks after a really hot day.

Will be on internet tmrw sending out resumes......Been waiting for everyone to return back to work after the new year.

Hoping there will be plenty of fresh new jobs to apply for by tmrw or towards the end of the week.
 
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