Woolworths drops David Jones brand in SA
The range will be rebranded under the SA retailer’s own Classic Collection
Woolworths, whose share price has been battered by the disastrous takeover of Australian department store chain David Jones, is pulling the brand in SA. The range, which was introduced to SA stores in February 2016, would be rebranded under Woolworths’ own Classic Collection range, a company spokesperson said on Wednesday. The high-end fashion and food retailer had been monitoring SA consumers’ sentiment towards the label. Woolworths’s attempt to create a southern hemisphere giant has blighted what was once one of the star performers on the JSE, with the company writing down the value of that business by as much as A$713m (about R7.5bn), having paid more than R20bn for it just four years ago. The botched expansion, which saw the company in August report its first annual loss since listing in 1997, has heaped pressure on CEO Ian Moir. He said in August that the board had already started the process of looking for his replacement, though he gave no time frame. Woolworths shareholders,...
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