EDITORIAL: Woolworths dizzy in its Aussie maze
The company's board seems bereft of ideas about how to get out of the mess it created by buying David Jones
The board of Woolworths unanimously endorsed the R23.3bn purchase of Australia-based department store retailer David Jones in early 2014.
Woolworths shareholders were also unanimous in their support for the proposed game-changing acquisition. In June 2014, 99% of them voted to approve the deal. Some analysts raised concerns about the steep premium being paid for a business that was showing signs of old age and looked a little out of touch with the latest consumer trends...