Woolworths finally admitted last week that it’s disposing of David Jones, the Australian department store chain, to private equity firm Anchorage Capital Partners.

The sale had been expected by a number of market observers for at least the past two years, even though Woolworths management remained adamant that the disposal wasn’t on the horizon. To be fair, they didn’t deny the sale rumours in more recent messaging, preferring to use the “everything is on the table” terminology. Still, it was quite clear that David Jones was never going to be a core asset of the greater group...

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