In a sign that Woolworths’s turnaround plan for its ill-fated David Jones acquisition might be paying off, CEO Roy Bagattini says it has done enough to wean the Australian department store chain off its parent’s financial support.

“One of our priorities is unlocking value in our Australasian businesses, as a starting point. I want to confirm that there will be no further funding from here into David Jones,” said Bagattini, who took over seven months ago amid investor frustration at the poor performance of David Jones, the value of which has been written down by more than half.  

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now