Could another department store go up for sale in Australia?
Woolworths has issued a statement following reports that Big W could go up for sale.
The supermarket giant stated it had no plans to sell the discount department store.
"Our general merchandise businesses, BIG W and EziBuy, are important to delivering our strategy to drive growth by giving customers access to Australasia’s best multi‐option apparel and general merchandise offer," it said in a statement.
The claims were made in a report in The Australian on Wednesday.
The newspaper claimed Woolworths was talks with at least two corporate advisory firms about Big W.
Earnings from Big W have fallen 14 per cent in the last two years.
However, Woolworths has appointed a new star executive to restore sales and earnings growth.
Big W managing director Alastair McGeorge commenced his new role last month, having consulted to BIG W for several months before his appointment.McGeorge was chairman and chief executive of fast fashion powerplayer New Look and previously ran British fashion and homewares retailers Matalan and Littlewoods.