Woolworths has announced it will take a $370million hit in its full-year results after deciding to close 30 Big W stores and two distribution centres over the next three years. Woolworths has announced its plans to close 30 Big W stores and two distribution centres over the next three yearsThe closures account for 16 per cent of the store's department store networkThe company has not revealed which specific stores will be closing but confirmed the distribution centres in Monarto in South Australia and Warwick in Queensland will be shutting down. 'It will accelerate our turnaround plan through a more profitable store network, simplifying current business processes, improving stock flow and lowering inventory.' The company revealed the speed of conversion to earnings improvement was taking longer than expected and a 'review was undertaken to help BIG W maintain a strong and profitable store network.' There are currently 186 Big W stores across the country which have been around for four decades.

Source: Daily Mail April 01, 2019 00:28 UTC