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.
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