Reported about 6 hours ago
Woolworths, Australia's largest supermarket chain, has announced plans to close its majority-owned online platform MyDeal by the end of September to cut operating losses stemming from its marketplace division. The decision comes as a response to competitive market pressures, with the company projecting closure costs of up to A$100 million and significant impairment charges related to the website's assets. Analysts believe the shutdown will lead to a reduction in forecasted losses for Woolworths' MarketPlus segment.
Source: YAHOO