Woolworths Australian chain David Jones axes managers
Woolworths’s ailing Australian department store chain, the value of which has already been slashed by more than R7bn, has wielded the axe once again. David Jones, which was bought by the high-end retailer for more than R20bn four years ago, said on Thursday it had dismissed its MD for clothing and general merchandise, David Collins, just a month after Woolworths axed its CEO in that country, John Dixon. David Jones said it had also cut another 15 jobs at its head office, in a bid to cut costs and stabilise the business. Amid a weakening department store market, David Jones has struggled since Woolworths bought it. And with online players Amazon and eBay wading into the Australian market, analysts say traditional retailers face an increasingly difficult trading environment. Woolworths recently wrote down the value of David Jones by A$713m (R7.2bn). In May, it dismissed Dixon, a former Marks & Spencer executive who was the group’s regional head for less than a year. Woolworths’s share...
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