Masters' fire sale: Everything must go, including staff

FAILED hardware giants Masters will shut down in December, but before then, the superstores will be offloading all their stock to potentially create Australia's largest ever going-out-of-business sale.

Fairfax reports that Woolworths-owned Masters will have to unload more than half a billion dollars of hardware before the doors shut for good.

The enormous warehouses of paint, timber, tools, barbecues, accessories will start being discounted from this week as part of the company's "sell down" of stock. The sell-out is predicted to net the company about $500 million, according to Woolworths statement to the ASX.

All gift cards, warranties, returns and lay-bys would be respected, as would installation projects.

The December 11 deadline released by Woolworths Limited yesterday also gives certainty to the company's 7700 staff who will be affected by the closures.

Woolworths chief executive Brad Banducci said all 7700 Masters staff have worked "extremely hard in an uncertain environment and we sincerely thank them for their commitment.

He said the company would attempt to find Masters workers jobs within the Woolworths group "or will pay full redundancy where suitable roles are not available".



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